Pride International, Inc. (PDE), an offshore drilling company, Monday said it completed the spin-off of Seahawk Drilling, Inc. (HAWK), a former wholly owned subsidiary of Pride that owns 20 mat-supported jackup rigs located in the US and Mexico.
Stocks of Seahawk would now start trading on the Nasdaq Global Select Common Market on August 25, 2009 under the symbol "HAWK," with about 11.6 million shares of common stock outstanding. Meanwhile, Pride would continue to trade on the NYSE under the symbol "PDE."
Consistent with the spin-off concluded by means of a pro-rata stock dividend, stockholders of Houston, Texas-based Pride 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 would receive a cash payment in place of fractional shares of Seahawk.
Pride said it has received a favorable private letter ruling from the Internal Revenue Service with respect to the tax-free status of the distribution and certain related transactions. Pride will not retain any shares of Seahawk.
Pride International operates a fleet of 24 rigs, including two deepwater drillships, 12 semisubmersible rigs, seven independent leg jackups and three managed deepwater rigs.
PDE closed Monday's regular trading at $26.54, up $0.46 or 1.76%, on a volume of 1.54 million shares. In after-hours, the stock dropped $0.01 or 0.03%, to trade at $26.53.
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