SOURCE: Pride International

Pride International

September 01, 2010 18:24 ET

Pride International, Inc. Updates Status on Deepwater Drillship Deep Ocean Ascension

HOUSTON, TX--(Marketwire - September 1, 2010) -  Pride International, Inc. (NYSE: PDE) today announced that it has reached agreement with BP Exploration & Production Inc. (BP) to amend the contract for the Deep Ocean Ascension to provide for a special standby dayrate prior to the startup of the previously agreed five-year term. The Ascension, the first of four new drillships in Pride's ultra-deepwater expansion, is currently in the Gulf of Mexico undergoing integrated acceptance testing with BP. 

The special standby dayrate of $360,000 is effective beginning August 23, 2010, and gives consideration to the existing drilling moratorium in the U.S. Gulf of Mexico. This special standby dayrate will remain in effect until the earlier of April 1, 2011 or the date the rig begins mobilization to its first drilling site, either within or outside the U.S. Gulf of Mexico. The rig will then begin earning the applicable dayrate as already defined in the existing contract for the five-year term, which was unchanged by the amendment. The Company is currently working closely with BP in an effort to find a suitable drilling location in their worldwide portfolio as quickly as possible.

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 24 rigs, including three deepwater drillships, 12 semisubmersible rigs, seven 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.

The information above includes 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.

Contact Information

  • Analyst Contact:
    Jeffrey L. Chastain
    (713) 917-2020

    Media Contact:
    Kate Perez
    (713) 917-2343