HOUSTON, April 18, 2007 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today announced that three of the Company's 200 foot, mat-cantilever jackup rigs, the Pride Alabama, Pride Colorado and Pride Mississippi, have been awarded one-year contracts by PEMEX Exploracion y Produccion (PEMEX) for drilling operations in Mexican waters of the Gulf of Mexico.
The contracts for the Pride Alabama and Pride Colorado are expected to commence in May 2007 and July 2007, respectively, in direct continuation of existing contract commitments. Both rigs are currently operating in Mexican waters of the Gulf of Mexico for PEMEX. The contract for the Pride Mississippi is expected to commence in September 2007, following the completion of current contract commitments and mobilization of the rig from the U.S. Gulf of Mexico.
Aggregate revenues which could be generated from the three contract awards are approximately $106.8 million, excluding revenues from mobilization, demobilization and customer reimburseables. Each contract award provides for a fixed dayrate throughout the primary term of the contract.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest drilling contractors. The Company provides onshore and offshore drilling and related services in more than 25 countries, operating a diverse fleet of 271 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 213 land rigs.
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Statements regarding the duration of client contracts, aggregate revenues, future contract commencement dates and locations, 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.