Charges Turn Seahawk Drilling To 3Q Loss

HOUSTON (AP) — Offshore drilling company Seahawk Drilling Inc. fell to a loss for the third quarter as revenue fell and it recorded significant charges related to its spinoff from Pride International Inc.

The Houston-based company, spun off into a separately traded company in August, reported a loss of $32.4 million, or $2.79 per share, compared with a profit of $43.6 million, or $3.77 per share, a year ago.

The results included asset impairment charges of $32.1 million, or $1.80 per share for the discontinued platform business, which was sold in May 2008.

Continuing operations, excluding severance charges and transition costs due to the spin-off, saw a loss of $6.7 million, or 58 per share.

Revenue fell 59 percent to $67.6 million from $164 million a year ago.

Analysts surveyed by Thomson Financial expected the company to lose $1.65 per share. They typically exclude one-time losses and gains.

Shares fell 4 cents to $28.50 in afternoon trading.