Draws Made on Letters of Credit Relating to Seahawk Liquidating Trust

DALLAS, Nov. 29, 2011 /PRNewswire/ -- On or about November 15, 2011, draw requests by Servicio de Administracion Tributaria an agency of the Secretaria de Hacienda y Credito Publico of Mexico ("Mexican Hacienda"), Mexico's governmental tax authority on four letters of credits in the aggregate amount of MXN 600,136,853.00 were honored by Scotiabank Inverlat, S.A., an affiliate of The Bank of Nova Scotia.  As a result of these draws, Pride International, Inc. may now assert that its contingent claims under the Tax Support Agreement with Seahawk Drilling, Inc. in the approximate amount of US $49,732,488.00 against the bankruptcy estate of Seahawk Drilling, Inc. et al., Case No. 11-20089 in the United States Bankruptcy Court of the Southern District of Texas, Corpus Christi Division have now been liquidated. 

The Seahawk Liquidating Trust, as the indirect shareholder of the taxing paying entities in Mexico, is currently contesting the legality of these draws in Mexico.

About Seahawk Drilling

Seahawk Drilling, Inc. is an offshore drilling company headquartered in Houston, Texas. Additional information may be found at www.seahawkdrilling.com.

For more information, please contact:
Seahawk Drilling Liquidating Trust Information Line
866-967-0670

SOURCE Seahawk Drilling, Inc.