* Says seeking strategic alternatives
* Says liquidity, revenue generation hit
* Engages Simmons & Co as adviser
* Says no timetable for completion of evaluation
Nov 2 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)