(Corrects Aug. 25 story to add dropped word "margin" in
* Sees 4-5 rigs working in Q3 at current dayrates
* Sees Q3 cash burn of about $10-$15 mln
Aug 25 Seahawk Drilling Inc (HAWK.O), which has
the second-largest fleet of jack-up rigs in the spill-hit Gulf
of Mexico, said it is looking to sell assets in the United
States and planning international buys, to insulate it from
regulatory uncertainties in the US Gulf.
"The regulatory environment in the US Gulf is too
uncertain. It is better for us to go and buy jack-ups
elsewhere, which are trading at its lowest since 2004," Chief
Executive Randy Stilley said in an oil and gas conference.
"We see a number of potential acquisitions that are
immediately accretive...in regions with foreseeable long-term
With only three new major wells permitted since the Macondo
well blowout in April, Stilley said lack of work would require
his company to look at a new credit facility to meet working
Seahawk, which spun out of Pride International PDE.N last
year, has about 17 percent share of the Gulf jack-up market and
is only behind Hercules Offshore HERO.O.
For the third quarter, Seahawk expects an average of
four-five rigs working at current average daily margin of about
$14,000. It has a total of 20 available jack-up rigs, which are
used in shallow-water drilling.
For July-September, Houston-based Seahawk sees cash burn --
the rate at which a new company uses up its cash resources or
capital before producing a positive cash flow -- of about
Shares of Seahawk, which have lost 63 percent of their
value since the BP well blowout on April 20, closed at $7.25
Wednesday on Nasdaq.
(Reporting by Krishna N. Das in Bangalore; Editing by Vyas