More energy production here in this country would bring in billions of dollars to state and federal governments and would also put 100s of thousands of people to work and lower gas prices. Obama doesn't care about these workers...
Seahawk becomes first Gulf of Mexico drilling company to file bankruptcy due to offshore drilling moratorium
The first off-shore drilling company in the Gulf of Mexico to declare bankruptcy has blamed the government-imposed standstill for a shortage of shallow-water permits following the summers massive oil spill. Texas-based Seahawk Drilling, the second-largest shallow-water driller operating in the Gulf, announced it had filed for bankruptcy Friday and would be selling its remaining assets to Hercules Offshore.
The asset sale through Chapter 11 is valued at $105 million.
According to the press release announcing the sale, the companys liquidity and revenue stream have been adversely affected by the dramatic slowdown in the issuing of shallow-water permits in the U.S. Gulf of Mexico following the Macondo well blowout.
Chief Executive Randy Stilley said that while the outcome is best for the companys stakeholders, I think it is important to note that Seahawk was forced to seek strategic alternatives only after an unprecedented decline in the issuance of offshore drilling permits following the Macondo blowout.
Democratic Sen. Mary Landrieu of Louisiana called the bankruptcy an economic nightmare.
I have repeatedly said that the administrations excruciatingly slow release of oil and gas permits will cause job losses, Landrieu said in a statement. How many more rigs have to leave and how many more businesses have to close before it realizes the havoc the de facto moratorium is wrecking on the Gulf Coast?
Read more: Obama Drilling Moratorium | Gulf Oil Drilling Company Bankrupt | The Daily Caller - Breaking News, Opinion, Research, and Entertainment
Seahawk becomes first Gulf of Mexico drilling company to file bankruptcy due to offshore drilling moratorium
The first off-shore drilling company in the Gulf of Mexico to declare bankruptcy has blamed the government-imposed standstill for a shortage of shallow-water permits following the summers massive oil spill. Texas-based Seahawk Drilling, the second-largest shallow-water driller operating in the Gulf, announced it had filed for bankruptcy Friday and would be selling its remaining assets to Hercules Offshore.
The asset sale through Chapter 11 is valued at $105 million.
According to the press release announcing the sale, the companys liquidity and revenue stream have been adversely affected by the dramatic slowdown in the issuing of shallow-water permits in the U.S. Gulf of Mexico following the Macondo well blowout.
Chief Executive Randy Stilley said that while the outcome is best for the companys stakeholders, I think it is important to note that Seahawk was forced to seek strategic alternatives only after an unprecedented decline in the issuance of offshore drilling permits following the Macondo blowout.
Democratic Sen. Mary Landrieu of Louisiana called the bankruptcy an economic nightmare.
I have repeatedly said that the administrations excruciatingly slow release of oil and gas permits will cause job losses, Landrieu said in a statement. How many more rigs have to leave and how many more businesses have to close before it realizes the havoc the de facto moratorium is wrecking on the Gulf Coast?
Read more: Obama Drilling Moratorium | Gulf Oil Drilling Company Bankrupt | The Daily Caller - Breaking News, Opinion, Research, and Entertainment