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Thread: Seahawk Drilling seeks bankruptcy, to sell assets

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    Seahawk Drilling seeks bankruptcy, to sell assets

    Obama is doing an awesome job fixing the economy. Who woulda thunk that killing private business would have been the quickest route to economic recovery?

    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 Drilling seeks bankruptcy, to sell assets - USATODAY.com
    Yeah, yeah, I know..."ol' evil oil companies!". Look at it this way: the only folks hurt by this are the working folks, who no longer have jobs, because the evil profiteers are going to split up $105 million.

    I had to throw in the link to Gateway Pundit as bonus, because the title of the blog is so damn cool...and accurate. Plus, I linked to the article, through their site, so I'll give them credit, along with American Thinker.

    Obama’s Illegal Moratorium Forces Major Drilling Company to Go Bankrupt | The Gateway Pundit
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    you mean this Seahawk Drilling?
    Seahawk Drilling: Former Value Trap Becoming an Actual Value - Seeking Alpha

    "Seahawk was spun out of Pride International (PDE) in 2009 and operates 20 jackup rigs in the Gulf of Mexico (of which 4 are currently working, 1 has a permit pending, 1 is cold stacked/in repairs and contracted for the remainder this year, 3 are actively available and 11 are cold stacked). These rigs are primarily used for shallow water drilling of natural gas in the US Gulf of Mexico (GoM)."

    says here the already sucked and had sucked for some time..
    "HAWK already carried a fair amount of uncertainty due to the large number of rigs they have cold stacked, the age of their rigs and their quarterly cash burn ... all problems that are largely derived from the decline in utilization since 2008, when the GoM was running on all cylinders with oil and gas at record highs."

    looks to me like poor management skills, rather than a hold on deepwater drilling which they apparently are no a part of.

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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by WhyteRash View Post
    you mean this Seahawk Drilling?
    Seahawk Drilling: Former Value Trap Becoming an Actual Value - Seeking Alpha

    "Seahawk was spun out of Pride International (PDE) in 2009 and operates 20 jackup rigs in the Gulf of Mexico (of which 4 are currently working, 1 has a permit pending, 1 is cold stacked/in repairs and contracted for the remainder this year, 3 are actively available and 11 are cold stacked). These rigs are primarily used for shallow water drilling of natural gas in the US Gulf of Mexico (GoM)."

    says here the already sucked and had sucked for some time..
    "HAWK already carried a fair amount of uncertainty due to the large number of rigs they have cold stacked, the age of their rigs and their quarterly cash burn ... all problems that are largely derived from the decline in utilization since 2008, when the GoM was running on all cylinders with oil and gas at record highs."

    looks to me like poor management skills, rather than a hold on deepwater drilling which they apparently are no a part of.
    Seahawk is a shallow water drilling company. Currently, the are no drilling permits being issued, in deepwater, or shallow water.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by apdst View Post
    Obama is doing an awesome job fixing the economy. Who woulda thunk that killing private business would have been the quickest route to economic recovery?





    Yeah, yeah, I know..."ol' evil oil companies!". Look at it this way: the only folks hurt by this are the working folks, who no longer have jobs, because the evil profiteers are going to split up $105 million.

    I had to throw in the link to Gateway Pundit as bonus, because the title of the blog is so damn cool...and accurate. Plus, I linked to the article, through their site, so I'll give them credit, along with American Thinker.

    Obama’s Illegal Moratorium Forces Major Drilling Company to Go Bankrupt | The Gateway Pundit

    Put 'em to work in jobs building clean energy that do not create environmental damage. We have to start thinking long-term. We can't afford to ruin our environment just because we were too lazy to plan during the last 40 years when it was known we had passed peak oil in this country.

    You've come to learn I am sure that actions have consequences. Well, so do inactions when you know there is threat and you do nothing.
    Last edited by Catawba; 02-14-11 at 11:15 PM.
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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by Catawba View Post
    Put 'em to work in jobs building clean energy that do not create environmental damage. We have to start thinking long-term. We can't afford to ruin our environment just because we were too lazy to plan during the last 40 years when it was known we had passed peak oil in this country.

    Ok. Um, are those jobs ready to go...today? Which of these new and kewl green industries are ready to put a few hundred thousand people to work right now? Believe it, or not, the bills are still coming in and these Americans need jobs, now. Not 20+ years from now when these fantasy, "green", jobs finally become a reality.

    You've come to learn I am sure that actions have consequences. Well, so do inactions when you know there is threat and you do nothing.
    That's right and when a president does something as immoral as putting tens of thousands possibly hundreds of thousands of working class citizens out of work, all so he can push his agenda, he'll suffer the concequences, as well. He's going to be out of a job, too.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by apdst View Post
    Seahawk is a shallow water drilling company. Currently, the are no drilling permits being issued, in deepwater, or shallow water.
    I think you may be incorrect there.

    More oil drilling rigs are in Gulf of Mexico than before BP oil spill | NOLA.com
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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by apdst View Post
    Ok. Um, are those jobs ready to go...today? Which of these new and kewl green industries are ready to put a few hundred thousand people to work right now? Believe it, or not, the bills are still coming in and these Americans need jobs, now. Not 20+ years from now when these fantasy, "green", jobs finally become a reality.

    That's right and when a president does something as immoral as putting tens of thousands possibly hundreds of thousands of working class citizens out of work, all so he can push his agenda, he'll suffer the concequences, as well. He's going to be out of a job, too.

    Obama inherited the recession and reversed its course. Additionally, he has proposed 8 billion in funding for clean energy research and deployment in his 2012 budget by slashing subsidies for fossil fuels such as oil, gas and coal. We don't have another 20 years before the world hits peak oil, the Military is estimating we have about 3 years.
    Barack Obama 2012 budget provides $8bn for clean energy | Environment | guardian.co.uk
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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by Catawba View Post
    Obama inherited the recession and reversed its course. Additionally, he has proposed 8 billion in funding for clean energy research and deployment in his 2012 budget by slashing subsidies for fossil fuels such as oil, gas and coal. We don't have another 20 years before the world hits peak oil, the Military is estimating we have about 3 years.
    Barack Obama 2012 budget provides $8bn for clean energy | Environment | guardian.co.uk

    Two things I find unsettling about your post, first with only 3 years left in peak oil supplies, we are in dire circumstances. Because I have seen no indication that we are any place close to 3 years in development of an alternate energy, do you ? If not what are we going to do ?

    Next is the 8 billion being provided for clean energy, you state that Obama is slashing subsidies for fossil fuels, but the reality of it is, he is slashing nothing, merely exchanging it. Which in the long run isn't going to put us in any different situation then what we are now in, just who we are giving the money to. Thats not even a good slight of hand, it's just transferring of money from one industry to the other, in my opinion we should just stop subsiding such things all together.

    While I don't think that too many people, even conservatives, don't agree that we need to get to a cleaner alternate fuel, the disagreement seems to come from what do we do until we get there.

    Right now, with the problems facing our country, unemployment, debt, and jobs, I for the life of me can't see the downside to tapping into our very own oil supplies. If drilling were to start today, good paying jobs would be created, within the 3 to 5 period, we could begin pumping that oil. Once we begin pumping it, we could immediately begin to import less oil, thus keeping more of our money within our country, don't see that as a bad thing do you? Now lets say in 10 years, we come up with an alternate fuel, that is cleaner, less expensive, and the American people are willing to use. This happens, then all that oil being pumped that we were using for our own needs, now becomes an export item, that brings more money into this country.

    So while I don't see drilling for the oil under our very feet, as a means to an end of our problems concerning a cleaner energy, I do see it as a fix for some of the problems facing our nation today. I also have a hard time finding a downside to drilling. It would create much needed jobs, reduce our need of imported oil, and in the future, once an alternate energy is found, gives us a valuable export.

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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by The Barbarian View Post
    Two things I find unsettling about your post, first with only 3 years left in peak oil supplies, we are in dire circumstances. Because I have seen no indication that we are any place close to 3 years in development of an alternate energy, do you ? If not what are we going to do ?
    The short term answer is to do what conservatives are not known for doing......................conserve.

    Next is the 8 billion being provided for clean energy, you state that Obama is slashing subsidies for fossil fuels, but the reality of it is, he is slashing nothing, merely exchanging it.
    Yes, he is paying for a program to enhance long-term energy solutions by cutting programs that have led us to a dependency of a declining energy supply that can only be maintained with war.

    Which in the long run isn't going to put us in any different situation then what we are now in,
    Only if your don't consider sustainable energy to be preferable to non-sustainable energy.

    just who we are giving the money to. Thats not even a good slight of hand, it's just transferring of money from one industry to the other, in my opinion we should just stop subsiding such things all together.
    If we were not in a crisis situation I might be more inclined to agree with you. Here is what is budgeted for clean energy -

    "the Department of Energy (DOE) budget calls for $36 billion in new loan guarantee authority for the nuclear power industry, which combined with existing authority could help get six to eight plants built."

    "the White House proposes spending some $8 billion on clean energy-related topics, spread among a wide range of programs. A big chunk, some $3.2 billion, would go to energy efficiency and renewable energy programs. Nearly $600 million would fund investment in vehicle technologies.

    The president’s budget also proposes spending $550 million on ARPA-E, the Advanced Research Projects Agency-Energy, which provides seed money to cutting-edge technologies in the hope of spurring private investment and, ultimately, groundbreaking innovation. The program was funded with $400 million in Recovery Act money in 2009, but has been running on empty since then.

    As previously revealed, the president is looking for $8 billion in the coming year to help push forward on a planned high-speed rail network that would cost $53 billion over six years, and the budget also makes way for turning a $7,500 electric-vehicle tax credit into a rebate."
    Obama Budget Looks To Boost Clean Energy | EarthTechling

    While I don't think that too many people, even conservatives, don't agree that we need to get to a cleaner alternate fuel, the disagreement seems to come from what do we do until we get there.
    Conserve.


    Right now, with the problems facing our country, unemployment, debt, and jobs, I for the life of me can't see the downside to tapping into our very own oil supplies.
    The main downside is that we haven't had the capacity to supply our own needs since 1971. Drill baby drill is just a campaign slogan. The oil companies admitted this in their Energy Task Force Report.
    Last edited by Catawba; 02-15-11 at 01:00 PM.
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    Re: Seahawk Drilling seeks bankruptcy, to sell assets

    Quote Originally Posted by apdst View Post
    Ok. Um, are those jobs ready to go...today? Which of these new and kewl green industries are ready to put a few hundred thousand people to work right now? Believe it, or not, the bills are still coming in and these Americans need jobs, now. Not 20+ years from now when these fantasy, "green", jobs finally become a reality.



    That's right and when a president does something as immoral as putting tens of thousands possibly hundreds of thousands of working class citizens out of work, all so he can push his agenda, he'll suffer the concequences, as well. He's going to be out of a job, too.
    Remember the president does not expect to carry your state. So what does he care if he loses it by more votes. Unless those workers join the SEIU and promise to vote for Obama they can rot as far as he cares.

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