Energy shares are higher despite crude oil futures dropping
below $85 a barrel by the close of commodities trading. Light,
sweet crude oil for March delivery finished down $0.77, or 0.9%, to
$84.81 a barrel. In energy ETFs, the United States Oil Fund (
) is down 0.46% to $35.88. The United States Natural Gas ETF (
) is up 0.47% to $5.33. In late-session energy news, China Sunergy
) is up after it said it entered into a long-term wafer supply
agreement with GCL-Poly Energy Holdings Ltd. Meanwhile, Seahawk
) is sharply lower after it said it has filed for bankruptcy
protection and plans to sell its fleet of offshore drilling rigs to
Hercules Offshore (
) for $105 million. Hercules Offshore plans to buy Seahawk's assets
with 22.3 million shares of its stock, $25 million in cash to
retire Seahawk debt and additional cash for working capital. The
sale is seen closing in Q2.
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