Shares of Seahawk Drilling Inc (NASDAQ: HAWK) rallied more than 2% after it said that it is looking to sell assets in the United States and planning international buys, to insulate it from regulatory uncertainties in the US Gulf. "The regulatory environment in the US Gulf is too uncertain. It is better for us to go and buy jack-ups elsewhere, which are trading at its lowest since 2004," Chief Executive Randy Stilley said in an oil and gas conference. "We see a number of potential acquisitions that are immediately accretive...in regions with foreseeable long-term demand." With only three new major wells permitted since the Macondo well blowout in April, Stilley said lack of work would require his company to look at a new credit facility to meet working capital needs.
Trico Marine Services, Inc. (NASDAQ: TRMA) on Thursday announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico's U.S. and worldwide operations are expected to continue without interruption during the restructuring process. Shares of Trico Marine Services, Inc. sank as much as 17% in morning trading.
Superconductor Technologies Inc. (NASDAQ: SCON) plunged 13% after it announced the pricing of an underwritten public offering of 4 million shares of its common stock at a price of $1.50 per share, for gross proceeds of $6.0 million. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $5.3 million.
Full Disclosure: None.
