Pride completes Seahawk Drilling spin-off

Pride International has completed the spin-off of Seahawk Drilling, a former wholly owned subsidiary that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico.

Offshore staff

HOUSTON -- Pride International has completed the spin-off of Seahawk Drilling, a former wholly owned subsidiary 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 Aug. 14, and will receive a cash payment in lieu of fractional shares of Seahawk

The common stock of Seahawk will begin regular way trading on the NASDAQ Global Select Common Market on Aug. 25, under the symbol "HAWK".

Pride will not retain any shares of Seahawk.

08/24/2009

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