Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SEAHAWK DRILLING, INC. | d8k.htm |
Exhibit 99.1
United States Bankruptcy Court
Southern District of Texas
Corpus Christi Division
| Case Name: Seahawk Drilling Inc., Debtor in Possession |
(1) (2) (3) (7) | Petition Date: | 2/11/2011 | |||||||
| Case Number: 11-20089 |
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Monthly Operating Report Summary for Month - June / Year 2011
| Month | Month | Month (6) | Month | Month | ||||||||||||||||
| Description |
2/12/11 to 2/28/11 | 3/31/2011 | 4/30/2011 | 5/31/2011 | 6/30/2011 | |||||||||||||||
| Revenues |
4,231,305 | 9,355,194 | 8,216,364 | — | — | |||||||||||||||
| Income Before Interest, Taxes, Depr., Amort. |
(7,035,345 | ) | (2,797,229 | ) | 55,046,945 | 10,536,106 | (18,258,583 | ) | ||||||||||||
| Net Income (Loss) |
(7,175,571 | ) | (3,617,185 | ) | 54,718,912 | 10,294,856 | (18,583,724 | ) | ||||||||||||
| Payments to Insiders |
(1,969,502 | ) | (103,914 | ) | (161,708 | ) | (328,583 | ) | (118,455 | ) | ||||||||||
| Payments to Professionals |
— | (75,000 | ) | (3,932,727 | ) | (1,695,250 | ) | (867,733 | ) | |||||||||||
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| Total Disbursements |
(14,207,890 | ) | (9,936,438 | ) | (30,251,975 | ) | (12,921,160 | ) | (6,192,494 | ) | ||||||||||
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| Circle One | ||||||||||||
| Required Insurance Maintained As of Signature Date |
Exp Date |
Are all accounts receivable being collected within terms? | Yes No (4) | |||||||||
| Casualty | Yes x | No ¨ | 6/30/2011 | Are all post-petition liabilities, including taxes, being paid within terms? | Yes No | |||||||
| Liability | Yes x | No ¨ | 6/30/2011 | Have any pre-petition liabilities been paid? | Yes No | |||||||
| Vehicle | Yes x | No ¨ | 6/30/2011 | If so, describe: | Only as approved in 1st day order and interim DIP order; taxing authorities, insurance, | |||||||
| Workers | Yes x | No ¨ | 6/30/2011 | employee benefits /expense reports, Natixis bank group | ||||||||
| Other | Yes x | No ¨ | 6/30/2011 | Are all funds received being deposited into DIP bank accounts? | Yes No | |||||||
| Were any assets disposed of outside the normal course of business? | Yes No | |||||||||||
| If so, describe: | March: sale of Sonora assets; April: completed asset sale to Hercules (see footnote 6 below) | |||||||||||
| Are all U.S. Trustee Quarterly Fee Payments current? | Yes No (5) | |||||||||||
| What is the status of your Plan of Reorganization? | Filed Friday, May 20, 2011. Disclosure statement hearing | |||||||||||||
| was on July 7, 2011. | ||||||||||||||
| Confirmation date hearing will be on August 30, 2011. | ||||||||||||||
| Attorney Name | Berry D. Spears |
I certify under penalty of perjury that the following complete Monthly Operating Report (MOR) is true and correct. | ||||||||
| Firm Name | Fulbright & Jaworski L.L.P. |
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| Address | 1301 McKinney |
/s/ James R. Easter |
Title | President and CEO | ||||||
| Suite 5100 |
(Original Signature) | |||||||||
| City, State, ZIP | Houston, TX 77010 |
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| Telephone/Fax | 713.651.5151 |
James R. Easter |
7/29/2011 | |||||||
| (Print Name of Signatory) | (Date) | |||||||||
| (1) | The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have disbursements broken down by case number on Exhibit A attached; the following entities are included in the joint administration: Seahawk Drilling, Inc., Seahawk Global Holdings, LLC, Seahawk Drilling Management, LLC, Seahawk Drilling, LLC, Seahawk Drilling USA, LLC, Seahawk Offshore Management, LLC, Energy Supply International, LLC, Seahawk Mexico Holdings, LLC. |
| (2) | By agreement with the US Trustee, these reports are to be provided 30 days following each month end. |
| (3) | Prepared according to GAAP, unless otherwise noted |
| (4) | Outstanding receivables were collected within the same time period consistent with our pre-filing experience. However, effective 4/27, all receivables were sold to Hercules Offshore, Inc., with the exception of those related to Great GulfCan. |
| (5) | Debtor believes as of July 29th, all payments are current and up to date |
| (6) | On April 27, 2011 the Debtors sold all drilling assets and related working capital assets to Hercules Offshore, Inc. under the court approved asset purchase agreement and received $25,000,012 cash and 22,321,425 shares of HERO stock. April period contains $59.2M gain resulting from the sale. |
| (7) | Effective in April, the company has reclassified all rigs previously recorded as Assets Held for Sale to PP&E and reflected the change from the petition date. |
| MOR 1 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al (4) | |||||
| Case Number: | 11-20089 | |||||
Comparative Balance Sheets
| Filing | Month | Month | Month (1) | Month | Month | |||||||||||||||||||
| Description |
Date* | 2/28/2011 | 3/31/2011 | 4/30/2011 | 5/31/2011 | 6/30/2011 | ||||||||||||||||||
| ASSETS |
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| Cash and Cash Equivalents |
$ | 4,071,237 | $ | 3,300,277 | $ | 2,658,364 | $ | 14,440,970 | $ | 15,289,873 | $ | 14,072,460 | ||||||||||||
| Trade Receivables, net |
17,987,928 | 16,798,437 | 16,271,656 | — | — | — | ||||||||||||||||||
| Inventory |
— | — | — | — | — | — | ||||||||||||||||||
| Deferred Income Taxes |
— | — | — | — | — | — | ||||||||||||||||||
| Due from Pride |
1,440,670 | 1,440,670 | 1,440,670 | 1,440,670 | 1,440,670 | 1,440,670 | ||||||||||||||||||
| Insurance Claims |
2,072,172 | 1,922,467 | 1,925,741 | 1,927,134 | 1,642,337 | 1,516,894 | ||||||||||||||||||
| Other Current Assets |
7,346,857 | 6,774,007 | 2,513,034 | 1,673,079 | 1,626,739 | 1,576,739 | ||||||||||||||||||
| ST Investments (3) |
— | — | — | 126,785,694 | 139,508,906 | 122,991,052 | ||||||||||||||||||
| Assets Held for Sale |
14,550,000 | 14,550,000 | 14,898,691 | — | — | — | ||||||||||||||||||
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| Total Current Assets |
47,468,864 | 44,785,858 | 39,708,156 | 146,267,546 | 159,508,525 | 141,597,815 | ||||||||||||||||||
| Property, Plant & Equipment (Net) |
76,157,375 | 75,751,036 | 75,081,771 | 2,311,788 | 2,263,296 | 2,214,804 | ||||||||||||||||||
| Other Long Term Assets |
— | — | — | — | — | — | ||||||||||||||||||
| Deferred Cost - Long Term Portion |
— | — | — | — | — | — | ||||||||||||||||||
| Goodwill |
— | — | — | — | — | — | ||||||||||||||||||
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| Total Other Long Term Assets |
— | — | — | — | — | — | ||||||||||||||||||
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| TOTAL ASSETS |
$ | 123,626,240 | $ | 120,536,894 | $ | 114,789,927 | $ | 148,579,334 | $ | 161,771,820 | $ | 143,812,619 | ||||||||||||
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| LIABILITIES & SHAREHOLDERS EQUITY |
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| Pre-petition Liabilities |
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| Accounts Payable |
12,660,585 | 9,756,143 | 9,440,014 | 425,129 | 399,567 | 364,606 | ||||||||||||||||||
| Pride |
17,181,355 | 17,224,790 | 17,224,790 | 17,224,790 | 17,224,790 | 17,224,790 | ||||||||||||||||||
| Notes Payable - Secured |
— | — | — | — | — | — | ||||||||||||||||||
| Priority Debt |
— | — | — | — | — | — | ||||||||||||||||||
| Payoll Taxes |
86,667 | 212,993 | — | — | — | — | ||||||||||||||||||
| Unsecured Debt |
— | — | — | — | — | — | ||||||||||||||||||
| Other |
36,274,816 | 31,908,482 | 31,315,471 | 30,670,152 | 28,223,933 | 28,487,546 | ||||||||||||||||||
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| Total Pre-petition Liabilities |
66,203,423 | 59,102,408 | 57,980,274 | 48,320,071 | 45,848,290 | 46,076,942 | ||||||||||||||||||
| Post-petition Liabilities |
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| Accounts Payable |
— | 358,387 | 748,671 | 641,622 | 1,857,556 | 1,855,162 | ||||||||||||||||||
| Due to Pride |
— | 184,235 | 627,937 | 868,735 | 1,223,657 | 1,574,040 | ||||||||||||||||||
| Accrued Expenses |
— | 7,103,468 | 8,568,763 | 9,550,416 | 4,732,202 | 4,578,064 | ||||||||||||||||||
| Current Debt |
17,900,000 | 20,726,911 | 18,114,402 | 5,750,000 | 14,383,205 | 14,536,899 | ||||||||||||||||||
| Other Current Liabilities |
— | 701,772 | 0 | 0 | 0 | 0 | ||||||||||||||||||
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| Total Post-petition Liabilities |
17,900,000 | 29,074,774 | 28,059,773 | 16,810,773 | 22,196,620 | 22,544,166 | ||||||||||||||||||
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| Total Current Liabilities |
84,103,423 | 88,177,182 | 86,040,047 | 65,130,844 | 68,044,910 | 68,621,107 | ||||||||||||||||||
| Pre-petition Long-Term Liabilities: |
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| Long-Term Accruals and Provisions |
2,119,421 | 2,128,165 | 2,144,110 | 2,123,809 | 2,139,239 | 2,155,698 | ||||||||||||||||||
| Intercompany Accounts Payable (2) |
359,108,881 | 359,112,603 | 359,104,011 | 359,104,011 | 359,072,145 | 359,104,011 | ||||||||||||||||||
| Deferred Income Taxes - Long Term |
— | — | — | — | — | — | ||||||||||||||||||
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| Total Long Term Liabilities |
361,228,302 | 361,240,768 | 361,248,121 | 361,227,819 | 361,211,384 | 361,259,709 | ||||||||||||||||||
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| TOTAL LIABILITIES |
445,331,725 | 449,417,950 | 447,288,168 | 426,358,663 | 429,256,294 | 429,880,816 | ||||||||||||||||||
| Total Shareholders Equity |
(321,705,485 | ) | (328,881,056 | ) | (332,498,241 | ) | (277,779,330 | ) | (267,484,474 | ) | (286,068,198 | ) | ||||||||||||
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| TOTAL LIABILITIES & SHAREHOLDERS EQUITY |
$ | 123,626,240 | $ | 120,536,894 | $ | 114,789,927 | $ | 148,579,334 | $ | 161,771,820 | $ | 143,812,619 | ||||||||||||
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| * | Per Schedules and Statement of Affairs |
| (1) | April 22, 2011 was the claims bar date in the debtors cases, excluding governmental agencies. The debtors are now reconciling claims to those scheduled. |
| (2) | For non-governmental agnecies, claims bar date was April 22, 2011. Debtors expect to eliminate Intercompany payables. Will be reconciled and reported according to GAAP in subsequent months. |
| (3) | 22.3 Million shares of Hercules stock at $5.68/share at market close on April 27, 2011. The stock is revalued each month at the closing price on the last trading day of the month. |
| (4) | Effective in April, the company has reclassified all rigs previously recorded as Assets Held for Sale to PP&E and reflected the change from the petition date. |
| MOR 2 / 3 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al (2) | |||||
| Case Number: | 11-20089 | |||||
Schedule of Post-Petition Liabilities
| Month | Month | Month | Month | Month | ||||||||||||||||
| Description |
2/12/11 to 2/28/11 | 3/31/2011 | 4/30/2011 | 5/31/2011 | 6/30/2011 | |||||||||||||||
| Pre-Petition Liabilities: |
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| Trade accounts payable |
$ | 9,756,143 | $ | 9,440,014 | $ | 425,129 | $ | 399,567 | $ | 364,606 | ||||||||||
| Due to pride |
17,224,790 | 17,224,790 | 17,224,790 | 17,224,790 | 17,224,790 | |||||||||||||||
| Short-term debt - secured |
— | — | — | — | — | |||||||||||||||
| Accrued expenses and other current liabilities |
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| Contingency claims |
11,561,084 | 11,734,606 | 11,734,606 | 11,618,831 | 11,933,724 | |||||||||||||||
| Payroll and benefits |
— | — | — | — | — | |||||||||||||||
| Accrued medical insurance |
4,688,454 | 4,214,381 | 3,671,518 | 3,172,844 | 3,121,564 | |||||||||||||||
| Payroll taxes |
212,993 | — | — | — | — | |||||||||||||||
| Other taxes |
25,000 | 25,000 | 25,000 | 25,000 | 25,000 | |||||||||||||||
| Deferred mobilization revenue |
86,667 | — | — | — | — | |||||||||||||||
| Customer advances |
— | — | — | — | — | |||||||||||||||
| Accrued rent |
667,257 | 667,257 | 667,257 | 667,257 | 667,257 | |||||||||||||||
| Accrued professional fees |
49,005 | 2,845 | — | — | — | |||||||||||||||
| Other accrued expenses |
14,831,015 | 14,671,381 | 14,571,771 | 12,740,000 | 12,740,000 | |||||||||||||||
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| Total accrued expenses and other current liabilities |
32,121,475 | 31,315,471 | 30,670,152 | 28,223,933 | 28,487,546 | |||||||||||||||
| Long-term accruals and provisions |
2,128,165 | 2,144,110 | 2,123,809 | 2,139,239 | 2,155,698 | |||||||||||||||
| Intercompany accounts payable (1) |
359,112,603 | 359,104,011 | 359,104,011 | 359,072,145 | 359,104,011 | |||||||||||||||
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| Total Pre-Petition Liabilities |
420,343,176 | 419,228,395 | 409,547,890 | 407,059,674 | 407,336,651 | |||||||||||||||
| Post-Petition Liabilities: |
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| Trade Accounts Payable |
358,387 | 748,671 | 641,622 | 1,857,556 | 1,855,162 | |||||||||||||||
| Due to Pride |
184,235 | 627,937 | 868,735 | 1,223,657 | 1,574,040 | |||||||||||||||
| Short-term debt |
20,726,911 | 18,114,402 | 5,750,000 | 14,383,205 | 14,536,899 | |||||||||||||||
| Accrued expenses and other current liabilities |
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| Contingency claims |
— | 34,433 | 32,863 | 147,067 | 119,482 | |||||||||||||||
| Payroll and benefits |
630,030 | 998,717 | 842,918 | 64,235 | 84,045 | |||||||||||||||
| Accrued medical insurance |
— | — | — | — | — | |||||||||||||||
| Payroll taxes (3) |
567,905 | 659,101 | 795,854 | 720,169 | 100,334 | |||||||||||||||
| Other taxes |
95,911 | 120,911 | 295,911 | 295,911 | 295,911 | |||||||||||||||
| Deferred mobilization revenue |
256,806 | — | — | — | — | |||||||||||||||
| Customer advances |
358,300 | — | — | — | — | |||||||||||||||
| Accrued rent |
— | 23,009 | 46,017 | 69,026 | 209,546 | |||||||||||||||
| Accrued professional fees |
1,053,705 | 1,141,301 | 2,760,036 | 1,028,539 | 1,273,998 | |||||||||||||||
| Other accrued expenses |
4,842,583 | 5,591,291 | 4,776,817 | 2,407,255 | 2,494,748 | |||||||||||||||
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| Total accrued expenses and other current liabilities |
7,805,240 | 8,568,763 | 9,550,416 | 4,732,202 | 4,578,064 | |||||||||||||||
| Long-term accruals and provisions |
— | — | — | — | — | |||||||||||||||
| Intercompany accounts payable |
— | — | — | — | — | |||||||||||||||
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| Total Post-Petition Liabilities |
$ | 29,074,774 | $ | 28,059,773 | $ | 16,810,773 | $ | 22,196,621 | $ | 22,544,166 | ||||||||||
| (1) | Claims bar date was April 22, 2011 for non-governmental agencies. Expect to eliminate Intercompany payable. Will be reconciled and reported according to GAAP in subsequent months. |
| (2) | Effective in April, the company has reclassified all rigs previously recorded as Assets Held for Sale to PP&E and reflected the change from the petition date. |
| (3) | Company adjusted accrual balance in June after review of current data. |
| MOR 4 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al | |||||
| Case Number: | 11-20089 | |||||
Aging of Post-Petition Liabilities as of June 30, 2011
| Days |
Total |
Trade Accounts |
Federal Taxes |
State Taxes |
Ad Valorem, Other Taxes | |||||
| 0-30 |
1,673,651 | 1,563,386 | 110,521 | (256) | ||||||
| 31-60 |
7,515 | 7,515 | ||||||||
| 61-90 |
165,069 | — | (9,931) | 175,000 | ||||||
| 91+ |
405,172 | 284,261 | 120,911 | |||||||
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| TOTAL SEAHAWK |
2,251,407 | 1,855,162 | 110,521 | (10,187) | 295,911 | |||||
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Aging of Accounts Receivable
| Month |
Month 2/28/2011 |
Month 3/31/2011 |
Month 4/30/2011 |
Month 5/31/2011 |
Month 6/30/2011 | |||||
| 0-30 |
13,302,498 | 12,019,703 | — | — | — | |||||
| 31-60 |
3,249,761 | 4,349,870 | — | — | — | |||||
| 61-90 |
292,314 | 3,001 | — | — | — | |||||
| 91+ |
(46,136) | (100,919) | — | — | — | |||||
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| TOTAL SEAHAWK |
16,798,437 | 16,271,656 | — | — | — | |||||
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| MOR 5 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al (3) | |||||
| Case Number: | 11-20089 | |||||
Statement of Income (Loss)
| Description |
Month 2/12/11 to 2/28/11 |
Month 3/31/2011 |
Month (1) 4/30/2011 |
Month 5/31/2011 |
Month 6/30/2011 |
Filing to Date |
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| Operating Revenue |
4,267,470 | 8,609,672 | 7,975,567 | — | — | 20,852,709 | ||||||||||||||||||
| Mob/Demob/Reimbursable Revenue |
(36,165 | ) | 745,522 | 240,797 | — | — | 950,153 | |||||||||||||||||
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| Total Revenues |
4,231,305 | 9,355,194 | 8,216,364 | — | — | 21,802,863 | ||||||||||||||||||
| Costs and Expenses |
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| Operating Costs |
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| Wages & Burden (2) |
1,359,019 | 3,385,738 | 3,653,911 | (333,236 | ) | 342,773 | 8,408,206 | |||||||||||||||||
| Repairs & Maintenance / Supplies |
337,772 | 620,916 | 473,727 | — | 8,477 | 1,440,892 | ||||||||||||||||||
| Rental Expenses |
168,731 | (58,929 | ) | 183,140 | — | — | 292,942 | |||||||||||||||||
| Other Operating Costs |
738,915 | 1,217,365 | 2,306,847 | — | — | 4,263,126 | ||||||||||||||||||
| Mob/Demob/Reimbursable Expense |
253,764 | 561,216 | (50,166 | ) | — | — | 764,813 | |||||||||||||||||
| Other Direct Costs |
619,881 | 2,760,362 | 136,664 | 35,766 | — | 3,552,673 | ||||||||||||||||||
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| Total Operating Costs |
3,478,080 | 8,486,668 | 6,704,122 | (297,470 | ) | 351,251 | 18,722,652 | |||||||||||||||||
| Depreciation & Amortization |
406,340 | 669,265 | 151,954 | 48,492 | 48,492 | 1,324,543 | ||||||||||||||||||
| General & Administrative |
7,261,188 | 2,616,530 | 5,626,770 | 2,175,843 | 1,096,440 | 18,776,771 | ||||||||||||||||||
| (Gain) Loss on Sale of Fixed Assets |
— | — | (59,233,909 | ) | 29,800 | — | (59,204,109 | ) | ||||||||||||||||
| Impairment of Fixed Assets |
— | — | (200,018 | ) | — | — | (200,018 | ) | ||||||||||||||||
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| Operating Income (Loss) |
(6,914,303 | ) | (2,417,269 | ) | 55,167,444 | (1,956,665 | ) | (1,496,183 | ) | 42,383,024 | ||||||||||||||
| Other Income (Expense) |
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| Interest Income (Expense) |
(131,481 | ) | (804,012 | ) | (312,603 | ) | (257,686 | ) | (276,817 | ) | (1,782,598 | ) | ||||||||||||
| Other Income (Expense) (4) |
(121,042 | ) | (379,960 | ) | (120,499 | ) | 12,492,771 | (16,762,400 | ) | (4,891,130 | ) | |||||||||||||
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| Income Before Income Taxes |
(7,166,827 | ) | (3,601,240 | ) | 54,734,342 | 10,278,420 | (18,535,399 | ) | 35,709,296 | |||||||||||||||
| Income Tax Expense (Benefit) |
8,744 | 15,945 | 15,430 | (16,435 | ) | 48,325 | 72,008 | |||||||||||||||||
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| Income (Loss) from Continuing Operations |
(7,175,571 | ) | (3,617,185 | ) | 54,718,912 | 10,294,856 | (18,583,724 | ) | 35,637,287 | |||||||||||||||
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| (1) | On April 27, 2011 the Debtors sold all drilling assets and related working capital assets to Hercules Offshore, Inc. under the court approved asset purchase agreement and received $25,000,012 cash and 22,321,425 shares |
| (2) | Credit relates to payroll being overaccrued in April with the corrections flowing through in May |
| (3) | Effective in April, the company has reclassified all rigs previously recorded as Assets Held for Sale to PP&E and reflected the change from the petition date. |
| (4) | Beginning in May, includes gain/(loss) from the revaluation of the 22.3 million HERO shares held as short term investment. |
| MOR 6 | Reviewed 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al | |||||
| Case Number: | 11-20089 | |||||
Statement of Cash Flows
| Description |
Month 2/12/11 to 2/28/11 |
Month 3/31/2011 |
Month 4/30/2011 |
Month 5/31/2011 |
Month 6/30/2011 |
|||||||||||||||
| Beginning Cash Balance |
4,071,237 | 3,300,277 | 2,658,364 | 14,440,970 | 15,289,873 | |||||||||||||||
| Contract Drilling |
6,035,902 | 9,180,203 | 10,852,454 | 4,952,768 | 4,550,950 | (1) | ||||||||||||||
| Other |
813,007 | 114,322 | 25,031,987 | 317,294 | 424,133 | |||||||||||||||
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| Total Cash Receipts |
6,848,909 | 9,294,525 | 35,884,441 | 5,270,062 | 4,975,083 | |||||||||||||||
| Operating Expenses |
(1,022,663 | ) | (2,829,125 | ) | (2,791,900 | ) | (1,227,027 | ) | (325,913 | ) | ||||||||||
| Payroll |
(2,298,422 | ) | (4,030,567 | ) | (3,174,576 | ) | (1,190,403 | ) | (447,899 | ) | ||||||||||
| Insurance |
(3,520,032 | ) | — | — | — | |||||||||||||||
| AR Collections remitted to Hercules |
— | — | — | (6,930,633 | ) | (4,550,950 | ) | |||||||||||||
| Ordinary Course Professionals |
— | — | — | |||||||||||||||||
| Rent |
— | — | — | |||||||||||||||||
| G&A and Other |
— | — | — | |||||||||||||||||
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| Total Cash Disbursements |
(6,841,117 | ) | (6,859,692 | ) | (5,966,476 | ) | (9,348,063 | ) | (5,324,762 | ) | ||||||||||
| Net Cash Flow From Operations |
7,792 | 2,434,833 | 29,917,965 | (4,078,001 | ) | (349,679 | ) | |||||||||||||
| Restructuring Related |
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| CIC and LTIP Payments |
(2,305,217 | ) | — | (68,461 | ) | (1,877,846 | ) | — | ||||||||||||
| Restructuring Professionals |
— | (75,000 | ) | (3,932,727 | ) | (1,695,250 | ) | (867,733 | ) | |||||||||||
| U.S. Trustee |
— | — | — | — | ||||||||||||||||
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| Total Restructuring Related |
(2,305,217 | ) | (75,000 | ) | (4,001,188 | ) | (3,573,096 | ) | (867,733 | ) | ||||||||||
| Financing Fees |
||||||||||||||||||||
| Natixis Facility Repayment |
(17,900,000 | ) | — | — | — | |||||||||||||||
| DIP Fees |
— | — | (1,577,465 | ) | — | |||||||||||||||
| DIP Interest |
— | (389,237 | ) | (192,203 | ) | — | ||||||||||||||
| DIP Borrowings (Repayment) (2) |
19,426,465 | (2,612,509 | ) | (12,364,503 | ) | 8,500,000 | — | |||||||||||||
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| Total Financing Payments / Borrowing |
1,526,465 | (3,001,746 | ) | (14,134,171 | ) | 8,500,000 | — | |||||||||||||
| Ending Cash Balance |
3,300,277 | 2,658,364 | 14,440,970 | 15,289,873 | 14,072,460 | |||||||||||||||
| (1) | Although all rig assets and accounts receivable have been sold, customers have continued to remit payment to Seahawk Drilling, Inc. The payments are subsequently forwarded to Hercules, who now own those receivables. |
| (2) | DE Shaw DIP loan was repaid ($18.1M) during April and received $5.8M under the new Hayman DIP agreement. Received an additional $8.5M in May from Hayman. |
| MOR 7 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al | |||||
| Case Number: | 11-20089 | |||||
Cash Account Reconciliation - Month of 6/1/11 - 6/30/11
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.
Also, for insiders, identify the type of compensation paid (e.g. salary, commission, bonus, etc.) (Attach additional pages as necessary).
| Bank Name Account Number Account Type |
30647841 SDI |
Checking 38749957 SDI |
38749965 SDI |
30803656 SH Drlg LLC |
Checkng 38751256 SH Drlg LLC |
38751264 SH Drlg LLC |
30648414 SH Drlg LLC |
30806072 ESI |
Checking 38803853 ESI |
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| Bank Balance |
9,641,815 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Deposit in Transit |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Outstanding Checks |
0 | (1,335,880 | ) | 0 | 0 | (1,952 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
| Adjustment Bank Balance |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Beginning Cash - Per Books |
9,641,815 | (1,335,880 | ) | 0 | 0 | (1,952 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
| Receipts* |
4,975,083 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Intercompany |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Transfers Between Accounts |
(2,101,067 | ) | 1,757,025 | 0 | 0 | 78,788 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
| — DIP Financing |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| — Checks / Other Disbursements |
(4,784,117 | ) | (1,056,008 | ) | 0 | 0 | (87,116 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
| — Adjustment |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Sub-Total Disbursements |
(4,784,117 | ) | (1,056,008 | ) | 0 | 0 | (87,116 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
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| Ending Cash - Per Books * |
7,731,714 | (634,863 | ) | 0 | 0 | (10,280 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
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| Bank Name Account Number Account Type |
30765063 SDM |
38751248 SDM |
30806099 SDM |
Checking 38803845 SDM |
Encore 303093849 SH Mx Holdings |
Encore 30327498 SDI |
Total | |||||||||||||||||||||
| Bank Balance |
0 | 0 | 0 | 0 | 0 | 6,987,922 | 16,629,738 | |||||||||||||||||||||
| Deposit in Transit |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Outstanding Checks |
0 | 0 | 0 | (2,033 | ) | 0 | 0 | (1,339,865 | ) | |||||||||||||||||||
| Adjustment Bank Balance |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Beginning Cash - Per Books |
0 | 0 | 0 | (2,033 | ) | 0 | 6,987,922 | 15,289,873 | ||||||||||||||||||||
| Receipts* |
0 | 0 | 0 | 0 | 0 | 0 | 4,975,083 | |||||||||||||||||||||
| Intercompany |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Transfers Between Accounts |
265,254 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| — DIP Financing |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| — Checks / Other Disbursements |
(265,254 | ) | 0 | 0 | 0 | 0 | 0 | (6,192,495 | ) | |||||||||||||||||||
| — Adjustment |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Sub-Total Disbursements |
(265,254 | ) | 0 | 0 | 0 | 0 | 0 | (6,192,495 | ) | |||||||||||||||||||
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| Ending Cash - Per Books * |
(0 | ) | 0 | 0 | (2,033 | ) | 0 | 6,987,922 | 14,072,460 | |||||||||||||||||||
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| * | Numbers should balance (match) Total Receipts and Total Disbursement lines on MOR 7. |
| MOR 8 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al | |||||
| Case Number: | 11-20089 | |||||
Payments to Insiders and Professionals
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.
Also, for insiders, identify the type of compensation paid (e.g. salary, commission, bonus, etc.) (Attach additional pages as necessary).
| INSIDERS: NAME / COMP TYPE |
Month 2/12/11 to 2/28/11 |
Month 3/31/2011 |
Month 4/30/2011 |
Month 5/31/2011 |
Month 6/30/2011 |
|||||||||||||||
| 1. Randall D. Stilley / Salaries & Wages |
24,128 | 48,256 | 48,256 | 24,128 | — | |||||||||||||||
| Randall D. Stilley / Restricted Stock Vesting, Non-cash |
740,889 | — | — | — | — | |||||||||||||||
| Randall D. Stilley / Expense Reimbursement |
9,948 | — | 4,479 | 662 | 662 | |||||||||||||||
| 2. William C. Hoffman / Salaries & Wages |
15,432 | 30,865 | 30,865 | 15,432 | — | |||||||||||||||
| William C. Hoffman / Restricted Stock Vesting, Non-cash |
445,084 | — | — | — | — | |||||||||||||||
| 3. Alejandro Cestero / Salaries & Wages |
5,499 | — | — | — | — | |||||||||||||||
| Alejandro Cestero / PTO Payout |
2,909 | — | — | — | — | |||||||||||||||
| Alejandro Cestero / Restricted Stock Vesting, Non-cash |
179,053 | — | — | — | — | |||||||||||||||
| Alejandro Cestero / Expense Reimbursement |
40 | — | — | — | 145 | |||||||||||||||
| 4. Raymond Gonzales / Salaries & Wages |
4,855 | — | — | — | — | |||||||||||||||
| Raymond Gonzales / PTO Payout |
1,831 | — | — | — | — | |||||||||||||||
| Raymond Gonzales / Restricted Stock Vesting, Non-cash |
46,500 | — | — | — | — | |||||||||||||||
| 5. James R. Easter / Salaries & Wages |
12,397 | 24,794 | 24,794 | 24,794 | 32,486 | |||||||||||||||
| James R. Easter / Restricted Stock Vesting, Non-cash |
116,241 | — | — | — | — | |||||||||||||||
| James R. Easter / Expense Reimbursement |
120 | — | 1,082 | 2,489 | — | |||||||||||||||
| 6. Robert E. Moore / Salaries & Wages |
5,048 | — | — | — | — | |||||||||||||||
| Robert E. Moore / PTO Payout |
2,654 | — | — | — | — | |||||||||||||||
| Robert E. Moore / Restricted Stock Vesting, Non-cash |
69,750 | — | — | — | — | |||||||||||||||
| 7. Stephen Snider / Board of Directors Restricted Stock Vesting, Non-cash |
78,101 | — | — | — | ||||||||||||||||
| 8. Franklin F. Myers / Board of Directors Restricted Stock Vesting, Non-cash |
52,401 | — | — | — | — | |||||||||||||||
| Franklin F. Myers / Salaries & Wages |
— | — | 17,411 | 12,500 | 12,500 | |||||||||||||||
| 9. Ed P. Segner III / Board of Directors Restricted Stock Vesting, Non-cash |
25,910 | — | — | — | — | |||||||||||||||
| Ed P. Segner III / Salaries & Wages |
— | — | 17,411 | 12,500 | 12,500 | |||||||||||||||
| 10. Mark E. Baldwin / Board of Directors Restricted Stock Vesting, Non-cash |
25,910 | — | — | — | — | |||||||||||||||
| 11. Richard J. Alario / Board of Directors Restricted Stock Vesting, Non-cash |
52,401 | — | — | — | — | |||||||||||||||
| 12. John T. Nesser III / Board of Directors Restricted Stock Vesting, Non-cash |
52,401 | — | — | — | — | |||||||||||||||
| John T. Nesser / Salaries & Wages |
— | — | 17,411 | 12,500 | 12,500 | |||||||||||||||
| 13. Martha R. Vance / Salaries & Wages |
— | — | — | 110,260 | 38,403 | |||||||||||||||
| 14. Mark D. Denny / Salaries & Wages (1) |
— | — | — | 113,318 | 9,260 | |||||||||||||||
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| TOTAL INSIDERS |
1,969,502 | 103,914 | 161,708 | 328,583 | 118,455 | |||||||||||||||
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| PROFESSIONALS |
Month 2/12/11 to 2/28/11 |
Month 3/31/2011 |
Month 4/30/2011 |
Month 5/31/2011 |
Month 6/30/2011 |
|||||||||||||||
| 1. Simmons & Co. |
75,000 | 2,197,250 | ||||||||||||||||||
| 2 Alvarez & Marsal |
500,000 | 735,646 | ||||||||||||||||||
| 3 Fulbright & Jaworski |
487,268 | 637,651 | — | |||||||||||||||||
| 4 Akin Gump |
96,021 | 650,745 | — | |||||||||||||||||
| 5 Heller, Draper, Hayden, Patrick & Horn, LLC |
150,087 | — | 124,708 | |||||||||||||||||
| 6 Jones Day |
120,000 | 45,000 | — | |||||||||||||||||
| 7 Vinson & Elkins LLP |
329,672 | 6,417 | — | |||||||||||||||||
| 8 Jordan, Hyden, Womble, Culbreth & Holzer, PC |
52,429 | 16,626 | 7,380 | |||||||||||||||||
| 9. Kurtzman Carson Consultants LLC |
224,806 | — | ||||||||||||||||||
| 10. Duff & Phelps Securities, LLC |
114,004 | — | ||||||||||||||||||
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| TOTAL PROFESSIONALS |
— | 75,000 | 3,932,727 | 1,695,250 | 867,733 | |||||||||||||||
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| (1) | Mark Denny was VP from May 2, 2011 through June 14, 2011. |
| MOR 9 | Revised 7/27/2011 |
| Case Name: | Seahawk Drilling Inc., Et Al | |||||
| Case Number: | 11-20089 | |||||
Exhibit A - Disbursements
| Month 2/12/11 to 2/28/11 |
Month 3/31/2011 |
Month 4/30/2011 |
Month 5/31/2011 |
Month 6/30/2011 |
||||||||||||||||||||
| Entity |
Case No. | |||||||||||||||||||||||
| SEAHAWK DRILLING LLC |
11-20088 | (25,679 | ) | (238,901 | ) | (893,963 | ) | (131,215 | ) | (89,882 | ) | |||||||||||||
| SEAHAWK DRILLING INC. |
11-20089 | (9,647,089 | ) | (5,882,454 | ) | (25,044,627 | ) | (9,710,098 | ) | (5,837,358 | ) | |||||||||||||
| SEAHAWK MEXICO HOLDINGS LLC |
11-20090 | — | — | — | — | — | ||||||||||||||||||
| SEAHAWK DRILLING MANAGEMENT LLC |
11-20091 | (3,265,300 | ) | (528,580 | ) | (605,006 | ) | (2,371,654 | ) | (265,254 | ) | |||||||||||||
| SEAHAWK OFFSHORE MANAGEMENT LLC |
11-20092 | (1,269,822 | ) | (3,149,377 | ) | (3,041,015 | ) | (708,193 | ) | — | ||||||||||||||
| ENERGY SUPPLY INTERNATIONAL LLC |
11-20093 | — | (137,126 | ) | (667,365 | ) | — | — | ||||||||||||||||
| SEAHAWK GLOBAL HOLDINGS LLC |
11-20094 | — | — | — | — | — | ||||||||||||||||||
| SEAHAWK DRILLING USA LLC |
11-20095 | — | — | — | — | — | ||||||||||||||||||
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| Total Disbursements (same as MOR-1 disbursements) |
|
(14,207,890 | ) | (9,936,438 | ) | (30,251,975 | ) | (12,921,160 | ) | (6,192,494 | ) | |||||||||||||
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