0001193125-11-085847.txt : 20110401 0001193125-11-085847.hdr.sgml : 20110401 20110401080436 ACCESSION NUMBER: 0001193125-11-085847 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110331 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110401 DATE AS OF CHANGE: 20110401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEAHAWK DRILLING, INC. CENTRAL INDEX KEY: 0001452384 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 900431585 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34231 FILM NUMBER: 11728691 BUSINESS ADDRESS: STREET 1: 5 GREENWAY PLAZA, SUITE 2700 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 713-369-7300 MAIL ADDRESS: STREET 1: 5 GREENWAY PLAZA, SUITE 2700 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: Pride SpinCo, Inc. DATE OF NAME CHANGE: 20081217 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 31, 2011

 

 

Seahawk Drilling, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34231   72-1269401
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

5 Greenway Plaza, Suite 2700, Houston, Texas 77046

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (713) 369-7300

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01. Regulation FD Disclosure.

As previously disclosed, on February 11, 2011, Seahawk Drilling, Inc., a Delaware corporation (the “Company”), and certain of its subsidiaries, Seahawk Global Holdings LLC, a Delaware limited liability company, Seahawk Mexico Holdings LLC, a Delaware limited liability company, Seahawk Drilling Management LLC, a Delaware limited liability company, Seahawk Drilling LLC, a Delaware limited liability company, Seahawk Offshore Management LLC, a Delaware limited liability company, Energy Supply International LLC, a Delaware limited liability company, and Seahawk Drilling USA LLC, a Delaware limited liability company (collectively, with the Company, the “Debtors”), each filed voluntary petitions for relief (collectively, the “Bankruptcy Case”) under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division (the “Bankruptcy Court”).

On March 31, 2011, the Debtors filed their monthly operating report for the period from February 12, 2011 to February 28, 2011 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated by reference herein. This Current Report on Form 8-K, including the exhibits being furnished as part of this report (this “Form 8-K”), will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.

All documents filed in connection with the Bankruptcy Case, including the Monthly Operating Report, are publicly available and may be accessed free of charge at the website of the Debtors’ Claims, Notice and Balloting Agent, Kurtzman Carson Consultants, LLC, http://www.kccllc.net/seahawk.

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report contains consolidated information regarding the Debtors and does not contain information regarding the non-Debtor subsidiaries of the Company. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was prepared in accordance with Generally Accepted Accounting Principles in the United States, except as otherwise noted in the Monthly Operating Report, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

 

1


In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 and the related exhibit incorporated herein by reference shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (“Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

Cautionary Statement Regarding Forward-Looking Statements

This Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this Form 8-K that address activities, events or developments that the Debtors expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements can be identified by the use of forward-looking terminology including “may,” “believe,” “anticipate,” “estimate,” “continue,” “forsee,” “project,” “could,” or other similar words. These forward-looking statements may include, but are not limited to, references to procedures in connection with the Debtors’ bankruptcy cases and the sale of the Debtors’ assets pursuant to the Asset Purchase Agreement with Hercules Offshore, Inc. dated February 11, 2011 (the “APA”), and the Debtors’ future operating results. Forward-looking statements are not guarantees of performance. The Company has based these statements on its assumptions and analyses in light of its experience and perception of historical trends, current conditions, expected future developments and other factors the Company believes are appropriate in the circumstances. No assurance can be given that these assumptions are accurate. Moreover, these statements are subject to a number of risks and uncertainties. Important factors that could cause the Debtors’ actual results to differ materially from the expectations reflected in Debtors’ forward-looking statements include those described under Item 1A of the Company’s Form 10-K for the fiscal year ended December 31, 2009 and any subsequently filed Form 10-Q, any factors set forth in the Company’s other reports filed with the SEC, and the following factors, among others:

 

   

the Debtors’ ability to continue as a going concern;

 

   

the failure to meet the conditions to consummating the sale of assets pursuant to the APA or any higher and better bidder approved by the Bankruptcy Court or to obtain an order of the Bankruptcy Court approving the sale of assets;

 

   

unwillingness of the Debtors’ vendors to accept orders or supply goods on acceptable terms;

 

   

disruptions in operations as a result of concerns about the Debtors’ Bankruptcy Case;

 

   

general economic and business conditions, including conditions in the credit markets;

 

   

prices of crude oil and natural gas and industry expectations about future prices;

 

   

the business opportunities, or lack thereof, that may be presented to and pursued by us;

 

   

cancellation or renegotiation of the Debtors’ drilling contracts or payment or other delays or defaults or non-payments by the Debtors’ customers and their continued creditworthiness;

 

   

changes in laws or regulations including the possibility of further regulation of offshore drillers in the Gulf of Mexico;

 

2


   

the ability of the Debtors’ customers to obtain the proper permits necessary to conduct operations;

 

   

demand for the Debtors’ rigs;

 

   

the effects of competition;

 

   

the effect of litigation and contingencies;

 

   

labor relations and work stoppages;

 

   

the Debtors’ ability to access capital to fund its working capital needs during the bankruptcy process and the Debtors’ ability to obtain financing on satisfactory terms;

 

   

operating hazards and cancellation or unavailability of insurance coverage;

 

   

accidents or other unscheduled shutdowns;

 

   

competition and market conditions in the contract drilling industry; and

 

   

severe weather.

Other factors that are unknown or unpredictable, could also have a material adverse effect on future results.

All subsequent written and oral forward looking statements attributable to the Debtors or to persons acting on the Debtors’ behalf are expressly qualified in their entirety by the foregoing. In light of these risks, uncertainties and assumptions, the events anticipated by Debtors’ forward-looking statements may not occur, and you should not place any undue reliance on any of the Debtors’ forward-looking statements. The Debtors’ forward-looking statements speak only as of the date made and the Debtors undertake no obligation to update or revise their forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

  99.1    Monthly Operating Report for the period from February 12, 2011 to February 28, 2011, filed with the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division

 

3


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    SEAHAWK DRILLING, INC.
Date: March 31, 2011     By:   /S/ JAMES R. EASTER
      James R. Easter
      Senior Vice President and Chief Financial Officer

 

4


EXHIBIT INDEX

 

Exhibit

Number

  

Description

99.1    Monthly Operating Report for the period from February 12, 2011 to February 28, 2011, filed with the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division
EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT Monthly Operating Report

Exhibit 99.1

United States Bankruptcy Court

Southern District of Texas

Corpus Christi Division

 

Case Name: Seahawk Drilling Inc., Debtor in Possession (1) (2) (3)

      Petition Date:              2/11/2011           

Case Number: 11-20089

        

Monthly Operating Report Summary for Month - February / Year 2011

 

Description

   Month
2/12/11 to 2/28/11
    Month
2
     Month
3
     Month
4
     Month
5
 

Revenues

     4,231,305              

Income Before Interest, Taxes, Depr., Amort.

     (5,554,046           

Net Income (Loss)

     (5,634,484           

Payments to Insiders

     (1,969,502           

Payments to Professionals

     —                

Total Disbursements

     (14,207,890           

 

     

Required Insurance Maintained

As of Signature Date

  

Exp Date

                

Circle One

    
Casualty    Yes (X)    No (    )    6/30/2011      Are all accounts receivable being collected within terms?    LOGO(4)
Liability    Yes (X)    No (    )    6/30/2011      Are all post-petition liabilities, including taxes, being paid within terms?    LOGO 
Vehicle    Yes (X)    No (    )    6/30/2011      Have any pre-petition liabilities been paid?    LOGO 
Workers    Yes (X)    No (    )    6/30/2011      If so, describe:    Only as approved in 1st day order and interim DIP order; taxing authorities, insurance, employee benefits / expense reports, Natixis bank group
Other    Yes (X)    No (    )    6/30/2011      Are all funds received being deposited into DIP bank accounts?    LOGO 
              Were any assets disposed of outside the normal course of business?    LOGO 
              If so, describe:   

 

              Are all U.S. Trustee Quarterly Fee Payments current?    LOGO 
              What is the status of your Plan of Reorganization? Not filed                                             
                

 

 

Attorney Name

  

Berry D. Spears

      I certify under penalty of perjury that the following complete Monthly Operating Report (MOR) is true and correct.

Firm Name

  

Fulbright & Jaworski L.L.P.

     

Address

  

1301 McKinney

Suite 5100

     

LOGO 

  

  Title   

Senior V.P. and Chief Financial Officer

City, State, ZIP

  

Houston, TX 77010

      (Original Signature)        

Telephone/Fax

  

713.651.5151

             
        

James R. Easter

  

    

3/31/2011

         (Print Name of Signatory)         (Date)

 

(1) The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have disbursements broken down by case number on Exhibit A attached; the following entities are included in the joint administration: Seahawk Drilling, Inc., Seahawk Global Holdings, LLC, Seahawk Drilling Management, LLC, Seahawk Drilling, LLC, Seahawk Drilling USA, LLC, Seahawk Offshore Management, LLC, Energy Supply International, LLC, Seahawk Mexico Holdings, LLC.
(2) By agreement with the US Trustee, these reports are to be provided 30 days following each month end.
(3) Prepared according to GAAP, unless otherwise noted
(4) Outstanding receivables continue to be collected within the same time period consistent with our pre-filing experience.

 

MOR 1    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

Comparative Balance Sheets

 

Description

   Filing
Date*
    Month
2/28/2011
    Month
2
     Month
3
     Month
4
     Month
5
 
ASSETS                

Cash and Cash Equivalents

   $ 4,071,237      $ 3,300,277              

Trade Receivables, net

     17,987,928        16,798,437              

Inventory

     —          —                

Deferred Income Taxes

     0        0              

Due from Pride

     1,440,670        1,440,670              

Insurance Claims

     2,072,172        1,922,467              

Other Current Assets

     7,346,857        6,774,007              

Assets Held for Sale

     112,300,000        112,300,000 (1)            
                                                   

Total Current Assets

     145,218,864        142,535,858              

Property, Plant & Equipment (Net)

     —          —                

Other Long Term Assets

     —          —                

Deferred Cost - Long Term Portion

     —          —                

Goodwill

     —          —                
                                                   

Total Other Long Term Assets

     —          —                
                                                   

TOTAL ASSETS

   $ 145,218,864      $ 142,535,858              
                                                   
LIABILITIES & SHAREHOLDERS EQUITY                

Pre-petition Liabilities

               

Accounts Payable

     12,660,585        9,756,143              

Pride

     17,181,355        17,224,790              

Notes Payable - Secured

               

Priority Debt

               

Payroll Taxes

     86,667        212,993              

Unsecured Debt

               

Other

     36,274,816        31,908,482              
                                                   

Total Pre-petition Liabilities

     66,203,423        59,102,408              

Post-petition Liabilities

               

Accounts Payable

     —          358,387              

Due to Pride

     —          184,235              

Accrued Expenses

     —          7,273,405              

Current Debt

     17,900,000        19,426,465              

Other Current Liabilities

     —          701,772              
                                                   

Total Post-petition Liabilities

     17,900,000        27,944,265              
                                                   

Total Current Liabilities

     84,103,423        87,046,673              

Pre-petition Long-Term Liabilities:

               

Long-Term Accruals and Provisions

     2,097,818        2,097,818              

Intercompany Accounts Payable

     354,908,443        354,916,671 (2)            

Deferred Income Taxes - Long Term

     —          —                
                                                   

Total Long Term Liabilities

     357,006,261        357,014,488              
                                                   

TOTAL LIABILITIES

     441,109,684        444,061,161              

Total Shareholders Equity

     (295,890,820     (301,525,303           
                                                   

TOTAL LIABILITIES & SHAREHOLDERS EQUITY

   $ 145,218,864      $ 142,535,858              
                                                   

 

* Per Schedules and Statement of Affairs
(1) Number derived from Hercules HSR filing
(2) The Debtors have scheduled the intercompany claims with the non-Debtor subsidiaries as contingent and disputed.

 

MOR 2 / 3    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

Schedule of Post-Petition Liabilities

 

Description

   Month
2/12/11 to  2/28/11
    Month
2
     Month
3
     Month
4
     Month
5
 

Pre-Petition Liabilities:

             

Trade accounts payable

   $ 9,756,143              

Due to pride

     17,224,790              

Short-term debt - secured

     —                

Accrued expenses and other current liabilities

             

Contingency claims

     11,561,084 (1)            

Payroll and benefits

     —                

Accrued medical insurance

     4,688,454              

Payroll taxes

     212,993              

Other taxes

     25,000              

Deferred mobilization revenue

     86,666              

Customer advances

     —                

Accrued rent

     667,257              

Accrued professional fees

     49,005              

Other accrued expenses

     14,831,015              
                   

Total accrued expenses and other current liabilities

     32,121,475              

Long-term accruals and provisions

     2,097,818              

Intercompany accounts payable

     354,916,670 (2)            
                   

Total Pre-Petition Liabilities

     416,116,896              

Post-Petition Liabilities:

             

Trade Accounts Payable

   $ 358,387              

Due to Pride

     184,235              

Short-term debt (DIP)

   $ 19,426,465              

Accrued expenses and other current liabilities

             

Contingency claims

     —                

Payroll and benefits

     630,030              

Accrued medical insurance

     —                

Payroll taxes

     567,905              

Other taxes

     95,911              

Deferred mobilization revenue

     256,806              

Customer advances

     358,300              

Accrued rent

     —                

Accrued professional fees

     1,223,641              

Other accrued expenses

     4,842,584              
                   

Total accrued expenses and other current liabilities

     7,975,177              

Long-term accruals and provisions

     —                

Intercompany accounts payable

     —                
                   

Total Post-Petition Liabilities

     27,944,265              

 

(1) Contingency claims is comprised of:

$7.2M Wyoming related charges

$2.7M Personal injury insurance claims

$1.4M Indemnity on Mx Soc Sec and income taxes

$0.2M Employee labor claims

 

(2) The Debtors have scheduled the intercompany claims with the non-Debtor subsidiaries as contingent and disputed.

 

MOR 4    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

Aging of Post-Petition Liabilities as of February 28, 2011

 

Days

   Total      Trade
Accounts
     Federal
Taxes
     State
Taxes
     Ad Valorem,
Other Taxes
     Other  

0-30

     1,022,202         358,387         567,651         253         95,911      

31-60

                 

61-90

                 

91+

                 
                                               

TOTAL SEAHAWK

     1,022,202         358,387         567,651         253         95,911      
                                               

Aging of Accounts Receivable

 

Month

   Month
2/12/11 to  2/28/11
    Month
2
     Month
3
     Month
4
     Month
5
     Month
6
 

0-30

     13,302,498                 

31-60

     3,249,761                 

61-90

     292,314                 

91+

     (46,136              
                      

TOTAL SEAHAWK

     16,798,437                 
                      

 

MOR 5    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

Statement of Income (Loss)

 

Description

   Month
2/12/11 to  2/28/11
    Month
2
     Month
3
     Month
4
     Month
5
     Filing to
Date
 

Operating Revenue

     4,267,470                 

Mob/Demob/Reimbursable Revenue

     (36,165              
                                                    

Total Revenues

     4,231,305                 

Costs and Expenses

                

Operating Costs

                

Wages & Burden

     1,359,019                 

Repairs & Maintenance / Supplies

     337,772                 

Rental Expenses

     168,731                 

Other Operating Costs

     738,915                 

Mob/Demob/Reimbursable Expense

     253,764                 

Other Direct Costs

     619,881                 
                                                    

Total Operating Costs

     3,478,080                 

Depreciation & Amortization

     —                   

General & Administrative

     6,186,228                 

(Gain) Loss on Sale of Fixed Assets

     —                   

Impairment of Fixed Assets

     —                   
                                                    

Operating Income (Loss)

     (5,433,004              

Other Income (Expense)

                

Interest Income (Expense)

     (75,933              

Other Income (Expense)

     (121,042              
                                                    

Income Before Income Taxes

     (5,629,979              

Income Tax Expense (Benefit)

     4,505                 
                                                    

Income (Loss) from Continuing Operations

     (5,634,484              
                                                    

 

MOR 6    Reviewed 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

Statement of Cash Flows

 

Description

   Month
2/12/11 to 2/28/11
    Month
2
     Month
3
     Month
4
     Month
5
     Filing to
Date
 

Beginning Cash Balance

     4,071,237                 
                                                    

Contract Drilling

     6,035,902                 

Other

     813,007                 
                                                    

Total Cash Receipts

     6,848,909                 

Operating Expenses

     (1,022,663              

Payroll

     (2,298,422              

Insurance

     (3,520,032              

Pride Wyoming

     —                   

Ordinary Course Professionals

     —                   

Rent

     —                   

G&A and Other

     —                   
                                                    

Total Cash Disbursements

     (6,841,117              

Net Cash Flow From Operations

     7,792                 

Restructuring Related

                

CIC and LTIP Payments

     (2,305,217              

Restructuring Professionals

     —                   

U.S. Trustee

                

Utility

                
                                                    

Total Restructuring Related

     (2,305,217              

Financing Fees

                

Natixis Facility Repayment

     (17,900,000              

DIP Fees

     —                   

DIP Interest

     —                   

DIP Borrowings (Repayment)

     19,426,465 (1)               
                                                    

Total Financing Payments / Borrowing

     1,526,465                 
                                                    

Ending Cash Balance

     3,300,277                 
                                                    

 

(1) includes $5.07M repayment on the DIP loan

 

MOR 7    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

 

Cash Account Reconciliation - Month of 2/12/11 - 2/28/11

Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.

Also, for insiders, identify the type of compensation paid (e.g. salary, commission, bonus, etc.) (Attach additional pages as necessary).

 

Bank Name

Account Number

Account Type

  30647841
SDI
    Checking
38749957
SDI
    38749965
SDI
    30803656
SH Drlg
LLC
    Checking
38751256
SH  Drlg
LLC
    38751264
SH Drlg
LLC
    30648414
SH Drlg
LLC
    30806072
ESI
    Checking
38803853
ESI
    30765063
SDM
    38751248
SDM
    30806099
SDM
    Checking
38803845
SDM
    Encore
303093849
SH Mx
Holdings
    Encore
30373377
SH Drlg
LLC
    Total  

Bank Balance

    3,584,588        0        0        0        0        0        0        0        0        0        0        0        0        498,588        0        4,083,176   

Deposit in Transit

    12,900        0        0        0        0        0        0        0        0        0        0        0        0        0        0        12,900   

Outstanding Checks

    0        (16,015     0        0        (5,620     0        0        0        (54,954     0        0        (2,698     (1,197     0        0        (80,484

Adjusted Bank Balance

    (340     (6,515     (2,500     0        0        0        0        13,486        18,785        47,775        (16,610     0          0        1,566        55,647   

Beginning Cash - Per Books

    3,597,148        (22,530     (2,500     0        (5,620     0        0        13,486        (36,169     47,775        (16,610     (2,698     (1,197     498,588        1,566        4,071,239   

Receipts*

    13,448,463        0        0        0        0        0        0        0        0        0        0        0        0        0        0        13,448,463   

Intercompany

    0        0        0        0        0        0        0        0        0        0        0        0        0        0        0        0   

Transfers Between Accounts

    (2,678,150     139,689        0          1,123        0        0        0        37,281        1,743,021        0        1,241,052        14,572        (498,588     0        0   

(Withdrawal) or Contribution by Individual Debtor MFR - 2

    0        0        0        0        0        0        0        0        0        0        0        0        0        0        0        0   

Adjustment

    14,438        (308     0          0        0        0        (13,486     13,486        (38,726     290        17,797        (19,175     0        0        (25,684

Checks / Other Disbursements*

    (10,822,162     (347,932     0          (21,709     0        0        0        0        (1,743,021     0        (1,241,052     (17,864     0        0        (14,193,740

Ending Cash - Per Books

    3,559,737        (231,081     (2,500     0        (26,206     0        0        0        14,598        9,049        (16,320     15,099        (23,664     0        1,566        3,300,278   

 

* Numbers should balance (match) Total Receipts and Total Disbursement lines on MOR 7.

 

MOR 8    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

Payments to Insiders and Professionals

Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.

Also, for insiders, identify the type of compensation paid (e.g. salary, commission, bonus, etc.) (Attach additional pages as necessary).

 

     Month      Month      Month      Month      Month  

INSIDERS: NAME / COMP TYPE

   2/12/11 to 2/28/11      2      3      4      5  

1. Randall D. Stilley / Salaries & Wages

     24,128               

Randall D. Stilley / Restricted Stock Vesting, Non-cash

     740,889               

Randall D. Stilley / Expense Reimbursement

     9,948               

2. William C. Hoffman / Salaries & Wages

     15,432               

William C. Hoffman / Restricted Stock Vesting, Non-cash

     445,084               

3. Alejandro Cestero / Salaries & Wages

     5,499               

Alejandro Cestero / PTO Payout

     2,909               

Alejandro Cestero / Restricted Stock Vesting, Non-cash

     179,053               

Alejandro Cestero / Expense Reimbursement

     40               

4. Raymond Gonzales / Salaries & Wages

     4,855               

Raymond Gonzales / PTO Payout

     1,831               

Raymond Gonzales / Restricted Stock Vesting, Non-cash

     46,500               

5. James R. Easter / Salaries & Wages

     12,397               

James R. Easter / Restricted Stock Vesting, Non-cash

     116,241               

James R. Easter / Expense Reimbursement

     120               

6. Robert E. Moore / Salaries & Wages

     5,048               

Robert E. Moore / PTO Payout

     2,654               

Robert E. Moore / Restricted Stock Vesting, Non-cash

     69,750               

7. Stephen Snider / Board of Directors Restricted Stock Vesting, Non-cash

     78,101               

8. Franklin F. Myers / Board of Directors Restricted Stock Vesting, Non-cash

     52,401               

9. Ed P. Segner III / Board of Directors Restricted Stock Vesting, Non-cash

     25,910               

10. Mark E. Baldwin / Board of Directors Restricted Stock Vesting, Non-cash

     25,910               

11. Richard J. Alario / Board of Directors Restricted Stock Vesting, Non-cash

     52,401               

12. John T. Nesser III / Board of Directors Restricted Stock Vesting, Non-cash

     52,401               
                    

TOTAL INSIDERS

     1,969,502               
                    
     Month      Month      Month      Month      Month  

PROFESSIONALS

   2/12/11 to 2/28/11      2      3      4      5  

1. None during this period.

              

2

              

3

              

4

              

5

              

6

              

TOTAL PROFESSIONALS

              

 

MOR 9    Revised 3/31/2011


Case Name: Seahawk Drilling Inc., Et Al
Case Number: 11-20089

 

Disbursements   
            Month     Month      Month      Month      Month      Filing to  

Entity

   Case No.      2/12/11 to 2/28/11     2      3      4      5      Date  

SEAHAWK DRILLING LLC

     11-20088         (25,678.72              

SEAHAWK DRILLING INC.

     11-20089         (9,647,088.70              

SEAHAWK MEXICO HOLDINGS LLC

     11-20090                    

SEAHAWK DRILLING MANAGEMENT LLC

     11-20091         (3,265,300.21              

SEAHAWK OFFSHORE MANAGEMENT LLC

     11-20092         (1,269,822.30              

ENERGY SUPPLY INTERNATIONAL LLC

     11-20093                    

SEAHAWK GLOBAL HOLDINGS LLC

     11-20094                    

SEAHAWK DRILLING USA LLC

     11-20095                    
                                                 

Total Disbursements (same as MOR-1 disbursements)

  

     (14,207,889.93     —           —           —           —        
                                                 
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