Monday, Pride International Inc. (PDE) completed the spin-off of Seahawk Drilling Inc. (HAWK), a former subsidiary of Pride that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico. The spin-off to Pride stockholders was concluded today by way of a pro-rata stock dividend. Pride stockholders would received one share of Seahawk common stock for every 15 shares of Pride common stock held at the close of business on August 14, 2009 and will receive a cash payment in lieu of fractional shares of Seahawk, the company noted.
Pride International Inc. provides offshore contract drilling and related services to oil and natural gas exploration and production companies. It conducts operations through the use of mobile offshore drilling rigs primarily on the oil and natural gas basins of South America, the Gulf of Mexico, west Africa, the Mediterranean Sea, the Middle East, and the Asia Pacific, as well as in the United States and international waters.
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