SOURCE: Pride International

Pride International

February 19, 2010 10:20 ET

Pride International Provides Clarification Concerning Comments Provided on Conference Call

HOUSTON, TX--(Marketwire - February 19, 2010) - Pride International, Inc. (NYSE: PDE) today reported that a transcript of comments made by the company during a conference call hosted on the morning of February 18 to address Pride's fourth quarter and full year 2009 financial results contained an error relating to the level of operating and maintenance costs expected by the company for the first quarter of 2010.

During the conference call, management indicated that first quarter 2010 operating and maintenance costs were expected to decline by $6 million compared to the fourth quarter of 2009. A transcript of the call erroneously stated that operating and maintenance costs during the first quarter of 2010 would "climb" by $6 million. A corrected conference call transcript is expected to be available by the close of business today.

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 23 rigs, including two deepwater drillships, 12 semisubmersible rigs, seven independent leg jackups, and two managed deepwater rigs. The company also has four ultra-deepwater drillships under construction.

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