HOUSTON, April 1, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today announced that it has finalized a contract for the dynamically positioned, deepwater drillship Pride Angola totaling five-years and awarded by a subsidiary of Total SA. The contract, for drilling operations offshore Angola, was originally awarded in June 2007 and was finalized today following the receipt of a required regulatory approval. The contract is expected to commence during July 2008 in direct continuation of the rig's current contract commitment, also with the Total subsidiary offshore Angola. Revenues that could be generated over the five-year contract, inclusive of a performance bonus opportunity of up to five percent of the contractual operating dayrate, total approximately $862 million, excluding revenues for mobilization, demobilization and client reimbursables.
The Pride Angola is one of eight deepwater drillships and semisubmersibles in Pride International's fleet, six of which are dynamically positioned units. The rig, which is designed for operating in water depths of up to 10,000 feet, but currently equipped for drilling operations in 6,000 feet of water, has been under contract to Total's Angola subsidiary since it entered service in 2000. The rig has achieved an operating and safety performance that ranks among the industry's best, including less than 1.5% mechanical downtime since January 2001 and no lost-time incidents since May 2002. The impressive operating performance has resulted in the rig realizing greater than 95% of its bonus opportunity since commencing operations.
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.
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Statements regarding the duration of client contracts, aggregate revenues and future contract commencement dates, as well as any other statements that are not historical facts, 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.