UPDATE 1-Seahawk Drilling posts wider Q2 loss

Wed Aug 4, 2010 8:49am EDT

* Q2 loss $1.67/share vs loss of $0.76/share last yr

* Q2 revenue down 71 pct

* Says new rules cause delays for permit approvals

Aug 4 (Reuters) - Contract driller Seahawk Drilling Inc (HAWK.O) reported a wider loss for the second quarter on lower dayrates, and said new drilling permit requirements have caused delays for permit approvals.

"We continue to work with our customers and the Bureau of Ocean Energy Management (BOEM) on improving the efficiency of the permitting process," Chief Executive Randy Stilley said in a statement.

For the second quarter, net loss was $19.8 million, or $1.67 a share, compared with a loss of $8.5 million, or 73 cents a share, last year. Revenue fell 71 percent to $22 million.

Analysts on average expected the company to post a loss of $1.69 a share, on revenue of $25.0 million, according to Thomson Reuters I/B/E/S.

Average daily revenue in U.S. operations fell 45 percent to $37,100.

Shares of the company closed at $9.68 Tuesday on Nasdaq. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Vinu Pilakkott)

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