Hedge fund manager, Kyle Bass of Hayman Capital recently disclosed a large stake in Seahawk Drilling (HAWK).
Bass owns 8.4% of the company and purchased 1,000,000 shares between January 1, 2011 and February 15, 2011. The stock lost almost 50% on February 11 and that is most likely when Bass established his position.
The stock jumped almost 10% when it was reported that Bass had purchased shares in the company.
Bass is an especially bright macro investor who gained some fame for calling the subprime mortgage crisis. In recent months, he has been vocal about the macroeconomic problems in Japan due to the aging population and record low interest rates.
HAWK was $35/share two years ago and now it trades for under $5 on the Pink Sheets. The company filed for bankruptcy and subsequently sold almost all assets to Hercules Offshore, Inc. (“Hercules”) for $105 million.
Seahawk’s liquidity and revenue generation have been adversely affected by the dramatic slow-down in the issuing of shallow water drilling permits in the U.S. Gulf of Mexico following the Macondo well blowout, the continued low prices for natural gas.
Seahawk Drilling is a leading jackup driller in the Gulf of Mexico. Seahawk owns and operates twenty jackups located in the United States. We provide contract drilling services to the oil and natural gas exploration industry in water depths of up to 300 feet and drilling depths of up to 25,000 feet.