Cause and effect - offshore oil

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Obama suspends off-shore oil drilling. What happens? From the Houston Chronicle:
Hercules Offshore buying Seahawk Drilling's assets
Seahawk Drilling, which previously has said it suffered financially from the oil-spill-related slowdown in Gulf of Mexico activity, is selling almost all of its assets to Hercules Offshore in a cash-and-stock deal worth $105 million, the two Houston companies said Friday.

As part of the deal, Seahawk will file for Chapter 11 bankruptcy and seek expedited court approval. Hercules said it will acquire 20 jack-up rigs and related assets.

"The transaction with Hercules creates a company with a larger, more diverse fleet, broader customer relationships and greater operational flexibility," Seahawk CEO Randy Stilley said in a statement. "In addition to increased economies of scale, combining the fleets will provide for substantial cost savings through the elimination of overhead and duplicative public company expenses."

Seahawk, in a statement, said the company's revenues had been affected adversely "by the dramatic slowdown in the issuing of shallow-water drilling permits in the U.S. Gulf of Mexico following the Macondo well blowout."
Once an industry like this is gone, it is cost prohibitive to try to resurrect it. Obama has no clue as to the damage that his policies are doing to this nation.

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This page contains a single entry by DaveH published on February 12, 2011 3:52 PM.

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