Seahawk Drilling $32.09 million April income driven by sale proceeds

By Caroline Salls

Pittsburgh, May 27 - Seahawk Drilling, Inc. posted $32.09 million of operating income for April on $8.22 million in total revenues, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

In comparison, the company reported a $1.75 million operating loss for March on $9.36 million in total revenues.

According to Friday's report, the April numbers reflect the sale of all of Seahawk's drilling assets and related working capital assets to Hercules Offshore, Inc.

The company said it received $25 million in cash and 22.32 million shares under the sale agreement.

The net income for April was $31.64 million, compared with a $2.98 million March net loss.

The company had $14.44 million in cash and cash equivalents at April 30, up from $2.66 million at the end of March.

Seahawk, a Houston-based offshore drilling company, filed for bankruptcy on Feb. 11. The Chapter 11 case number is 11-20089.

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