After being resurrected by Seth he chumps Ulik on three different occasions:
Now this could just be a low showing but Ulik also makes reference to all the times he fought Thor so maybe not.
The hammer he uses here is presumably made by Seth or one of his minions since his last one was destroyed and this one has a spike on top, because "evil" I guess.
Interestingly; I believe the hammer he uses when talking to Thor during the Onslaught Saga, basically one issue before the "Lost Gods Saga". Is the same one he later uses as a thrall to Seth, short and with a spike on top. The one he uses that issue onward and pre-Seth is also short but no spike (aside from that appearance). Just one issue before that I believe, when Red gets his hammer/god powers back it's the same as it was before, longer handle with the hanging leather straps at the top. So I'm not sure what prompted the decision to make it short like Thor's, purposeful or some kind of mistake from a too early presentation of Red's "Seth Hammer"?
Two hits and Ulik has trouble speaking and needs to be carried off the battle field.
Few Pages later Ulik shows up for Round 3: