November 2, 2010 / 9:42 PM / 7 years ago

UPDATE 1-Spill-hit Seahawk Drilling explores possible sale

2 Min Read

* Says seeking strategic alternatives

* Says liquidity, revenue generation hit

* Engages Simmons & Co as adviser

* Says no timetable for completion of evaluation

Nov 2 (Reuters) - Shallow water driller Seahawk Drilling Inc (HAWK.O), said it would explore strategic alternatives including a sale as it was hit by a stricter regulatory regime following the Gulf of Mexico oil spill in April.

"Seahawk's liquidity and revenue generation have been adversely affected by the dramatic slow-down in the issuing of shallow water drilling permits in the U.S. Gulf ..." the company said in a statement.

Houston-based Seahawk, which engaged Simmons & Co as its financial adviser, said it has not set a definitive timetable for completion of its evaluation.

Seahawk's jackup rig presence in the U.S. Gulf is second to only Hercules Offshore's HERO.O.

Shares of the company, which was spun-off from Pride International PDE.N, have halved since the BP oil spill in late April. The stock closed at $10.12 Tuesday on Nasdaq. (Reporting by Krishna N. Das in Bangalore)

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