Pride and Marine Complete Merger
Pride International, Inc. and Marine Drilling Companies, Inc. announced that the previously announced merger of the two companies has been completed. Shareholders of both companies approved the merger at shareholder meetings held yesterday. As a result of the merger, each share of either Pride or Marine now represents one share in Pride International, Inc., a newly-formed Delaware corporation. Shares of "new" Pride are listed on the New York Stock Exchange under the symbol "PDE".
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest drilling contractors. The Company provides onshore and offshore drilling, workover and related services in more than 20 countries, operating a diverse fleet of 337 rigs, including two ultra-deepwater drillships, 11 semisubmersible rigs, 35 jackup rigs, and 29 tender-assist, barge and platform rigs, as well as 260 land rigs.