Bankruptcy filing of Seahawk Drilling, Inc. (Feb. 11, 2011)

(announcement that Seahawk would file Chapter 11 bankruptcy and sell its 20 shallow-water rigs to rival Hercules Offshore; Seahawk noted that it was sustaining heavy losses due to the Obama Administration's refusal to issue drilling permits (for which the Administration has been held in contempt by federal court order of Feb. 2, 2011 - court had previously ordered the Administration to cease the drilling moratorium in the Gulf of Mexico which the court had previously struck down as "arbitrary and capricious"); refusal to issue permits resulting in estimated loss of $3.7 million in royalty revenue to the federal government each day according to the Energy Information Administration).