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)
Registrants 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 Companys 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 Companys reports pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act), and such information might not be indicative of the Companys financial condition or operating results for the period that would be reflected in the Companys 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 Companys Form 10-K for the fiscal year ended December 31, 2009 and any subsequently filed Form 10-Q, any factors set forth in the Companys 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 |
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? |
![]() | |||||||||
Liability | Yes (X) | No ( ) | 6/30/2011 | Are all post-petition liabilities, including taxes, being paid within terms? |
![]() | |||||||||
Vehicle | Yes (X) | No ( ) | 6/30/2011 | Have any pre-petition liabilities been paid? |
![]() | |||||||||
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? |
![]() | |||||||||
Were any assets disposed of outside the normal course of business? |
![]() | |||||||||||||
If so, describe: |
| |||||||||||||
Are all U.S. Trustee Quarterly Fee Payments current? |
![]() | |||||||||||||
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 |
|
|
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. |
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2 |
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3 |
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4 |
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5 |
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6 |
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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 | ) | | | | | |||||||||||||||||||||
`\!X# ,P'@/`>`\!X#P/__9 ` end