Pride International, USA, has announced that its board of directors has approved the spin-off of Seahawk Drilling, a wholly owned subsidiary of Pride that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico.
The spin-off to Pride stockholders will be concluded by way of a pro-rata stock dividend. The distribution of Seahawk common stock is expected to occur on August 24, 2009, with each Pride stockholder receiving one share of Seahawk common stock for every 15 shares of Pride common stock held at the close of business on August 14, 2009.
Immediately following the distribution, Pride stockholders will own 100 percent of the outstanding common stock of Seahawk. The common stock of Seahawk will be traded on the NASDAQ Global Select Common Market under the symbol "HAWK." Pride common stock will continue to trade on the New York Stock Exchange under the symbol "PDE."
"With the spin-off of Seahawk, investors will have two unique investment alternatives in the offshore drilling industry: Pride International, with a near pure focus in the global floating rig segment; and Seahawk Drilling, the industry's natural gas drilling alternative with a concentration in the shallow water Gulf of Mexico," said Louis A Raspino, President and Chief Executive Officer of Pride International.
