Standard & Poor's Announces Changes to U.S. Index
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NEW YORK, Aug. 17 /PRNewswire/ -- Seahawk Drilling Inc. (Nasdaq: HAWKV) will
replace Fairpoint Communications Inc. (NYSE: FRP) in the S&P SmallCap 600
after the close of trading on Monday, August 24. S&P MidCap 400 constituent
Pride Petroleum Inc. (NYSE: PDE) is spinning off Seahawk to its shareholders
in a transaction expected to close on or about that date. Fairpoint has a
market capitalization under $45 million, whereas the minimum market
capitalization needed to be added to the S&P SmallCap 600 is currently $200
million.
Standard & Poor's will monitor this transaction, and post any relevant updates
on its website: www.standardandpoors.com.
Seahawk operates an offshore drilling business. Headquartered in Houston, TX,
the company will be added to the S&P SmallCap 600 GICS (Global Industry
Classification Standard) Oil & Gas Drilling Sub-Industry index.
Following is a summary of the change:
S&P SMALLCAP 600 INDEX - August 24, 2009
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
------- -------------------- -----------------
ADDED Seahawk Drilling Energy Oil & Gas Drilling
DELETED Fairpoint Telecommunication Integrated
Communications Services Telecommunication Services
About Standard & Poor's Index Services
Standard & Poor's Index Services, the world's leading index provider,
maintains a wide variety of investable and benchmark indices to meet an array
of investor needs. Over $1 trillion is directly indexed to Standard & Poor's
family of indices, which includes the S&P 500, the world's most followed stock
market index, the S&P Global 1200, a composite index comprised of seven
regional and country headline indices, the S&P Global BMI, an index with
approximately 11,000 constituents, and the S&P GSCI, the industry's most
closely watched commodities index. For more information, please visit
www.standardandpoors.com/indices.
About Standard & Poor's
Standard & Poor's, a subsidiary of The McGraw-Hill Companies (NYSE: MHP), is
the world's foremost provider of independent credit ratings, indices, risk
evaluation, investment research and data. With offices in 23 countries and
markets, Standard & Poor's is an essential part of the world's financial
infrastructure and has played a leading role for nearly 150 years in providing
investors with the independent benchmarks they need to feel more confident
about their investment and financial decisions. For more information, visit
http://www.standardandpoors.com
SOURCE Standard & Poor's
David M. Blitzer, Ph.D., Managing Director & Chairman of the Index Committee,
+1-212-438-3907
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