Seahawk Drilling reports $1.96 million May operating loss, zero sales

By Caroline Salls

Pittsburgh, July 11 - Seahawk Drilling, Inc. posted a $1.96 million operating loss for May on zero total revenues, according to its monthly operating report filed Monday with the Securities and Exchange Commission.

In comparison, the company reported $55.17 million of operating income for April on $8.22 million in total revenues.

As previously reported, the April numbers reflected the sale of all of Seahawk's drilling assets and related working capital assets to Hercules Offshore, Inc.

The net income for May was $10.29 million, down from $54.72 million of net income posted for April.

The company had $15.29 million in cash and cash equivalents at May 31, up from $14.44 million at the end of April.

Seahawk, a Houston-based offshore drilling company, filed for bankruptcy on Feb. 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 11-20089.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.