SAN FRANCISCO, Aug 24 (Reuters) - Pride International Inc completed the spin-off of its Gulf of Mexico mat jackup rig operations as the company reshapes itself to focus on the more lucrative business of deepwater drilling.
The 20 rigs, which need support from mats on the seabed to operate, will be owned by a new company known as Seahawk Drilling Inc, and Pride shareholders received one Seahawk share for every 15 Pride shares they held as of Aug. 14.
Pride said in a statement the spin-off was completed on Monday.
The plan was announced in December.
Houston-based Pride retains seven independent leg jackups in its fleet of 24 rigs, but has four ultra-deepwater drillships under construction that are due to be delivered over the next two years.
Seahawk shares will trade under the symbol 'HAWK' on Nasdaq.
(Reporting by Braden Reddall, editing by Leslie Gevirtz) Keywords: PRIDE/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The 20 rigs, which need support from mats on the seabed to operate, will be owned by a new company known as Seahawk Drilling Inc, and Pride shareholders received one Seahawk share for every 15 Pride shares they held as of Aug. 14.
Pride said in a statement the spin-off was completed on Monday.
The plan was announced in December.
Houston-based Pride retains seven independent leg jackups in its fleet of 24 rigs, but has four ultra-deepwater drillships under construction that are due to be delivered over the next two years.
Seahawk shares will trade under the symbol 'HAWK' on Nasdaq.
(Reporting by Braden Reddall, editing by Leslie Gevirtz) Keywords: PRIDE/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.