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QLiberals, are you happy that Obama has caused an oil drilling company to go bankrupt and 494 lost jobs?

http://www.usatoday.com/money/companies/…



HOUSTON (AP) — Seahawk Drilling Inc. said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to a competitor for $105 million.



Seahawk, which announced the deal with Hercules Offshore Inc. Friday, has been hurt by a slowdown in Gulf of Mexico drilling after the BP oil spill last April. The government halted drilling in deep waters and imposed tough new rules that have curtained all energy exploration in U.S. waters.



Seahawk owns a fleet of 20 jackup rigs for shallow water exploration, while Hercules owns 30 rigs, vessels and other equipment. It also provides drilling services. The deal creates a larger company with a more diverse fleet and greater operational flexibility, Seahawk said.



Both companies are based in Houston.



Hercules Offshore plans to buy Seahawk's assets using 22.3 million shares of its stock, $25 million in cash to retire Seahawk debt and additional cash for working capital. The Feb. 10 closing price of $3.62 per share for Hercules' stock brings the deal's value to $105 million.



The sale will be carried out under Chapter 11 bankruptcy protection. Seahawk will seek expedited hearings for court approval of the deal, which is expected to close in the second quarter.

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