Seahawk Drilling, Inc. (fka HAWKQ)

[Enterprising Investor]

Exercise of option contracts.

• On February 15, 2011, HCMF acquired 750,000 shares of Common Stock in multiple open market transactions at a weighted-average price per share of $4.35 (excluding commissions).

• On February 15, 2011, HCMF wrote call options (the “Call Options”) in respect of 750,000 underlying shares of Common Stock in a series of open market transactions in exchange for a weighted-average option premium of $0.28 per underlying share of Common Stock (excluding commissions). The Call Options have a strike price of $5.00 per share and expire within the 60 days after the date of Amendment No. 1 to the Schedule 13D.

• On February 16, 2011, HCMF acquired 250,000 shares of Common Stock in multiple open market transactions at a weighted-average price per share of $4.25 (excluding commissions).

• On March 2, 2011, one or more holders of Call Options exercised Call Options in respect of 25,500 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 25,500 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 8, 2011, one or more holders of Call Options exercised Call Options in respect of 95,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 95,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 9, 2011, one or more holders of Call Options exercised Call Options in respect of 50,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 50,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 10, 2011, one or more holders of Call Options exercised Call Options in respect of 25,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 25,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 14, 2011, one or more holders of Call Options exercised Call Options in respect of 25,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 25,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 17, 2011, one or more holders of Call Options exercised Call Options in respect of 529,500 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 529,500 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

All of the Call Options have been exercised in full.

http://sec.gov/Archives/edgar/data/1420192/000095012311022740/d80398sc13d.htm

http://sec.gov/Archives/edgar/data/1420192/000095012311024880/d80579sc13dza.htm

http://sec.gov/Archives/edgar/data/1420192/000095012311028021/d80872sc13dza.htm