Seahawk Drilling, Inc. is focused on providing contract drilling services to the oil and natural gas exploration and production industry in the Gulf of Mexico. Operating the second largest fleet of jackups in the Gulf of Mexico, the company’s customers include independent oil and natural gas producers, drilling service providers and Petróleos Mexicanos (PEMEX), the state-owned petroleum company of Mexico. Competition ranges from large, international drilling companies to smaller companies who focus solely on the Gulf of Mexico shelf.

Seahawk’s strategy as an independent company is to improve the profitability, efficiency and reputation of its core business: providing jackup drilling services to the exploration and production industry in the Gulf of Mexico. Leveraging its strengths, which includes the large jackup fleet, existing relationships with customers and its experienced management team, the company strives to more effectively focus on operations and potential for growth; delivering greater value for stockholders.

Although earnings have been affected by the current economy and lower commodity prices, the company remains steadfast and is optimistic for the future. Randall D. Stilley, President and CEO of Seahawk, commented, “With natural gas prices at record lows, the Company faces a challenging market in the near term. However, in the midst of hurricane season and weak natural gas prices, we have seen a modest improvement in inquiries and bidding in the U.S. recently, as some of our customers are taking advantage of lower well costs, and the general sentiment towards future gas prices has improved.”

Currently, 29.72% of the shares outstanding are held by insiders and 4.60% are held by institutions. Two analysts believe the company is a “Hold”, while one believes it’s a “Strong Buy”. As of last report, Seahawk had $18.1 million in cash and cash equivalents with $94.3 million in current liabilities. Generating $409.4 Million in annual sales, the company trades at a market cap of $314.4 million.