SOURCE: Pride International

Pride International

May 05, 2010 08:09 ET

Pride International Announces Contract Award for Semisubmersible Rig Pride Venezuela

HOUSTON, TX--(Marketwire - May 5, 2010) - Pride International, Inc. (NYSE: PDE) today announced that the company has been awarded a one-year contract by OGX Petroleo e Gas Participacoes SA for the midwater semisubmersible rig Pride Venezuela. The contract, for drilling services offshore Brazil, is expected to commence in the third quarter of 2010 following mobilization of the rig from Dubai where it is completing a repair and maintenance program. 

The Venezuela joins the Sea Explorer, a Pride midwater semisubmersible also under contract to OGX. Revenues which could be generated over the one-year term of the Venezuela contract total approximately $71 million. While the Venezuela and Sea Explorer are working concurrently, the rate for the Venezuela will increase to $265,000 a day, while the rate for the Sea Explorer will be adjusted to $265,000 from $335,000.

The Pride Venezuela is one of six midwater semisubmersibles in the Pride International fleet. The rig is a conventionally moored unit, and is capable of operating in water depths of up to 1,500 feet.

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 24 rigs, including three deepwater drillships, 12 semisubmersible rigs, seven independent leg jackups and two managed deepwater rigs. The company also has three ultra-deepwater drillships under construction. The company's floating rig fleet operates primarily offshore Brazil and West Africa, and in 2010, will expand into the U.S. Gulf of Mexico deepwater region, led by the Deep Ocean Ascension.

Statements regarding the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations, as well as any other statements that are not historical facts in the report are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.