Pride International has completed the spin-off of Seahawk Drill- ing, a former wholly owned subsidiary that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico. According to Pride Pres- ident 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 GoM. Keppel Shipyard is close to completing the conversion of FPSO Armada Perdana for Bumi Armada. The vessel will be deployed on the Oyo field, 70 km (43 mi) off the coast of Nigeria. It is expected to deliver first oil in the fourth quarter. Keppel Shipyard's scope of work included fabrication, installation, and integration of a 12-point spread mooring system, riser balcony, and topside facilities; and upgrade of accommodation and auxiliary support systems. The FPSO has capacity to process 45,000 b/d of oil, is fitted for water and gas injection, and can store 1 MMbbl of oil.

"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," Raspino says. "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 longterm growth prospects reside in the offshore industry." Copyright PennWell Corporation Sep 2009

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