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	<title>Stock Blog Hub &#187; Pride International</title>
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		<title>(PDE) Pride International Completes Seahawk Drilling Spin-off</title>
		<link>http://www.stockbloghub.com/2009/08/26/pride-international-completes-seahawk-drilling-spin-off/13417</link>
		<comments>http://www.stockbloghub.com/2009/08/26/pride-international-completes-seahawk-drilling-spin-off/13417#comments</comments>
		<pubDate>Wed, 26 Aug 2009 15:28:41 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Basic Materials]]></category>
		<category><![CDATA[Oil & Gas Drilling & Exploration]]></category>
		<category><![CDATA[PDE]]></category>
		<category><![CDATA[Pride International]]></category>
		<category><![CDATA[RIG]]></category>
		<category><![CDATA[Transocean Ltd]]></category>

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		<description><![CDATA[Pride International Inc. (PDE) completed the spin-off of Seahawk Drilling Inc. – a former subsidiary of Pride that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico (GoM) – as a stock dividend to existing shareholders. For every 15 shares of Pride, stockholders would receive one share of Seahawk, besides a cash payment for fractional shares of Seahawk. Seahawk shares will start trading today under the ticker symbol of “HAWK&#8221; on the Nasdaq. The mat-supported jackup market in the GoM has been hit hard by the sharp drop in overall activity levels due to weak natural gas prices and tight credit market conditions. Since experiencing very strong demand in the 2004–2007 period, utilization levels and dayrates have fallen steadily and currently remain at depressed levels. With this spin-off, ]]></description>
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