Seahawk Drilling has once again encountered some rough waters. However, this time instead of dealing with brutal storms in the Gulf of Mexico, the now bankrupt jack-up rig company has been hit with an adverse decision by the U.S. Court of Appeals for the Fifth Circuit.
In Seahawk Liquidating Trust, as Trustee of Seahawk Drilling v. Lloyds London, the Fifth Circuit’s three-judge panel recently upheld the verdict of the U.S. District Court for the Middle District of Louisiana that determined a group of 14 insurers, including Lloyds London, were not obligated to provide any coverage toward an almost $17 million claim in damages related to Seahawk’s offshore oil rig, which was harmed during two severe weather events in February 2010 and July 2010.
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