SOURCE: Pride International

Pride International

August 24, 2009 16:18 ET

Pride International, Inc. Completes Spin-Off of Seahawk Drilling, Inc.

HOUSTON, TX--(Marketwire - August 24, 2009) - Pride International, Inc. (NYSE: PDE) today announced that it has completed the spin-off of Seahawk Drilling, Inc. (NASDAQ: HAWK), a former wholly owned 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 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. Pride 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.

The common stock of Seahawk will commence regular way trading on the NASDAQ Global Select Common Market on August 25, 2009 under the symbol "HAWK" with approximately 11.6 million shares of common stock outstanding. Pride common stock will continue to trade on the New York Stock Exchange under the symbol "PDE."

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 24 rigs, including two deepwater drillships, 12 semisubmersible rigs, seven independent leg jackups and three managed deepwater rigs. The company also has four ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.

Seahawk Drilling, Inc. is an offshore drilling company headquartered in Houston, Texas. Seahawk owns a fleet of 20 jackup rigs that are located in the United States and Mexico. The company's shares are traded on the NASDAQ Stock Market under the symbol "HAWK." Additional information may be found at www.seahawkdrilling.com.

Statements regarding expected shipyard deliveries, as well as any other statements that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or disclosed in the Form 10 of Seahawk Drilling or in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Contact Information

  • Analyst Contact:
    Jeffrey L. Chastain
    (713) 917-2020

    Media Contact:
    Kate Perez
    (713) 917-2343