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Seahawk Drilling, Inc. Reports Second Quarter 2010 Financial Results

HOUSTON, Aug. 4, 2010 (GLOBE NEWSWIRE) -- Seahawk Drilling, Inc. ("Seahawk") (Nasdaq:HAWK) reported today a loss of $19.8 million from continuing operations, or $1.67 per diluted share, for the three months ended June 30, 2010, compared to a loss of $8.8 million, or $0.76 per diluted share, for the three months ended June 30, 2009. Revenues totaled $22.0 million during the three months ended June 30, 2010 compared with $76.5 million during the three months ended June 30, 2009.

Seahawk's consolidated balance sheet at June 30, 2010 included cash and cash equivalents of $47.9 million and net working capital of $17.6 million. Seahawk's net working capital includes a net balance of approximately $13.1 million owed to Pride International, Inc. ("Pride"). Capital expenditures during the second quarter of 2010 were $4.3 million. On June 30, 2010, Seahawk had total assets of $565.0 million, stockholders' equity of $416.0 million, and short-term debt of $6.4 million.

President and Chief Executive Officer Randy Stilley commented, "We continue to market eight jackups in the U.S. Gulf of Mexico, and although combined utilization levels for all marketed jackup rigs by all companies operating in the U.S. Gulf of Mexico has dropped below 70%, dayrates for our rigs have remained relatively stable. New drilling permit requirements announced in early June as a result of the Macondo blowout have caused delays for permit approvals, as our customers and regulators work to understand the new regulations. Seahawk took a leading position to make sure that our rigs meet all safety, environmental, and regulatory requirements and I am pleased to report that our blowout preventers and related well control equipment have been certified and are in full compliance with the recent Notices to Lessees - 05 safety requirements.

"We continue to work with our customers and the Bureau of Ocean Energy Management (BOEM) on improving the efficiency of the permitting process. I am optimistic that the BOEM will be able to more quickly process the backlog of drilling permit applications so that current applications will be reviewed and approved allowing us to put our idle rigs back to work, as well as enter into new contracts for our rigs that are currently working and keep our personnel employed.

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