Pride completes spinoff of Seahawk Drilling

Aug. 26, 2009
Pride International Inc. has completed the spin-off of Seahawk Drilling Inc., a former wholly owned subsidiary, that owns 20 mat-supported jack up rigs operating in the Gulf of Mexico.

By OGJ editors
HOUSTON, Aug. 26
-- Pride International Inc. has completed the spin-off of Seahawk Drilling Inc., a former wholly owned subsidiary, that owns 20 mat-supported jack up rigs operating in the Gulf of Mexico.

Pride stockholders received a single share of Seahawk common stock for every 15 shares of Pride common stock held at the close of business on Aug. 14 and will receive a cash payment in lieu of fractional shares of Seahawk.

Pride will not retain any shares of Seahawk. Pride and Seahawk are both based in Houston.

Pride operates a fleet of 24 rigs, including 2 deepwater drillships, 12 semisubmersible rigs, 7 independent-leg jack ups, and 3 managed deepwater rigs. The company also has 4 ultradeepwater drillships under construction with expected deliveries in 2010 and 2011.