Seahawk Drilling, Inc. (fka HAWKQ)

[56Chevy]

Re: Sale of assets to Hercules (HERO)

The Debtors or the Purchasers also may terminate the Asset Purchase Agreement if, among other things, the closing of the transactions contemplated by the Asset Purchase Agreement shall not have occurred by August 15, 2011.

If the Debtors terminate the Asset Purchase Agreement in accordance with, among other things, the non-solicitation provision, the Debtors will be required to pay the $3 million termination fee and reimbursable expenses to the Purchasers. The Debtors have agreed to limited recovery of damages for breach by the Purchasers of the Asset Purchase Agreement.

http://sec.gov/Archives/edgar/data/1452384/000119312511033967/d8k.htm