Board OK's Seahawk Drilling spin-off

Pride International’s board of directors has approved the spin-off of Seahawk Drilling, a wholly owned subsidiary that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico.

Offshore staff

HOUSTON-- Pride International’s board of directors has approved the spin-off of Seahawk Drilling, a wholly owned subsidiary that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico. According to Pride President and CEO Louis A Raspino, Pride plans to position Seahawk as the industry's natural gas drilling alternative with a concentration in the shallow water Gulf of Mexico.

“Following the sale of an estimated $1.7 billion in non-strategic assets and over $3 billion invested or committed to expansion in the deepwater segment, the separation of Seahawk Drilling completes the transition phase of our company,” says Raspino. “During this transition, we successfully executed the strategic redirection of Pride International by focusing our asset base in the floating rig segment, especially deepwater drilling, where we believe the best long-term growth prospects reside in the offshore industry.”

The distribution of Seahawk common stock is expected to occur on Aug. 24, with each Pride stockholder receiving one share of Seahawk common stock for every 15 shares of Pride common stock held at the close of business on Aug. 14.

08/05/2009

More in Company News