Pride International, Inc. (PDE) announced that its board has approved the spin-off of Seahawk Drilling, Inc., 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 would be concluded by way of a pro-rata stock dividend.
Upon the completion of the spin-off, each Pride stockholder will receive 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% of the outstanding common stock of Seahawk.
The distribution of Seahawk common stock is expected to occur on August 24, 2009.
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."
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