UPDATE 1-Spill-hit Seahawk Drilling explores possible sale

* Says seeking strategic alternatives

* Says liquidity, revenue generation hit

* Engages Simmons & Co as adviser

* Says no timetable for completion of evaluation

Nov 2 (BestGrowthStock) – 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)

UPDATE 1-Spill-hit Seahawk Drilling explores possible sale