Pride International, Inc. Announces Agreement to Sell Platform Rig Fleet

Source: Foxbusiness

HOUSTON, May 6, 2008 (PrimeNewswire via COMTEX News Network) ---Pride International, Inc. (NYSE:PDE) today announced that it has entered into a definitive agreement to sell its fleet of platform rigs and related equipment to Blake International, LLC for $66 million in cash. The platform rig fleet consists of eight units in the U.S. Gulf of Mexico, of which four are under contract, two units under contract in Mexico and two units previously retired from service. The sale is expected to close on or before July 15, 2008, subject to certain closing conditions.

The sale of the platform rig fleet is consistent with Pride's stated strategic direction to focus its offshore drilling operations in deepwater and other high specification assets.

Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 64 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The Company also has three ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.

The Pride International, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3388

Statements regarding the proposed sale of the platform rig fleet, expected timing of closing, 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.