Seahawk Drilling Inc. said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to a competitor for $105 million.
If the bankruptcy plan is approved by the court and regulators, Seahawk will cease operations as an independent company. It’s unclear what will happen to the company’s 494 employees, spokesman Thomas Becker said. Of Seahawk’s 20 drilling rigs, seven are now deployed on projects, he said.
This is a direct effect from the drilling moratorium.