Return to search

On The Block

Seahawk Drilling Inc.’s board asked investment bank Simmons & Co. to lend a hand as the provider of contract drilling services checks out several business options it could pursue to enhance value. Seahawk plans to examine the possible sale of assets, a recapitalization, the sale of the entire corporation, or a merger. The Houston, Texas-based company said its liquidity and revenue generation are hurting from a slow-down in the issuing of shallow water drilling permits in the U.S. Gulf of Mexico, low natural gas prices, the slowdown in the general economy and other factors. Seahawk has a fleet of 20 jack-up rigs.

Pre-Paid Legal Services Inc. is mulling over business options, such as the possible sale of the Ada, Okla.-based company. The legal service plan designer and marketer is also reviewing alternatives that do not involve its sale. Pre-Paid Legal’s board formed a special committee of independent directors to lead the process. The committee is evaluating an offer from an undisclosed private equity firm that is interested in buying the company for $60 a share. The committee hired Berenson & Co. LLC as its financial adviser.

Applied Signal Technology Inc. plans to evaluate the possible sale or merger of the Sunnyvale, Calif.-based company. The provider of intelligence, surveillance and reconnaissance solutions will also consider other transactions as it examines business options that might enhance shareholder value. It hired Bank of America Merrill Lynch as financial adviser. For the third quarter ended July 30, Applied Signal’s earnings rose to $3.56 million from $3.33 million a year earlier. Revenue also climbed 14 percent to $56.4 million from $49.5 million, as a result of growth in its network intelligence unit.

Stealth Ventures Ltd.’s board of directors will seek to identify and evaluate various strategic alternatives that are designed to enhance shareholder value. The oil and gas explorer and developer hired Sayer Energy Advisors to help with the review process. Stealth Ventures will mull over possible asset divestitures, joint ventures and business combinations. It also intends to consider financing and recapitalization opportunities. In October, Lori Bobye-Magnusson stepped down as the company’s chief financial officer. The Calgary, Canada-based company is continuing its effort to grow overseas, with an immediate focus on India.