Court OKs $177M Seahawk Drilling Sale

Hercules Offshore has acquired approval from a bankruptcy court to buy Seahawk Drilling.

Hercules Offshore has acquired approval from a bankruptcy court to buy Seahawk Drilling, The Wall Street Journal reports. As per the deal, Hercules has offered to pay about $25 million in cash and 22.3 million of its shares.

The value of the deal, originally valued at $105 million, has now increased to $176.8 million. As part of the deal, Hercules will also acquire Seahawk’s fleet of shallow-water drilling rigs.

Click here for the story from The Wall Street Journal.