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Seacor completes spinoff of Era helicopter unit

NEW YORK (AP) -- Offshore drilling services provider Seacor Holdings Inc. said Friday it completed a spinoff of its Era Group helicopter business.

Shares of Era Group Inc. are now trading on the New York Stock Exchange under the ticker symbol "ERA." Era shares advanced 31 cents, to $20.70 in late morning trading.

Era is based in Fort Lauderdale, Fla., and the company says it is one of the largest helicopter operators in the world. Seacor said in August 2011 that it had filed for a tax-free spinoff of Era.

Seacor shares rose 49 cents to $71.07.