HOUSTON, Sept. 25, 2008 (GLOBE NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today announced that Randall D. (Randy) Stilley has been appointed to the position of Chief Executive Officer of Pride's mat-supported jackup rig business and will join the company immediately.
Mr. Stilley is a 32-year veteran of the oilfield services industry. From October 2004 through June 2008, he served as President and Chief Executive Officer of Hercules Offshore, Inc. (Nasdaq:HERO), leading the company through an initial public offering in late 2005 and the acquisition of TODCO in mid 2007. During his tenure at Hercules, the company's enterprise value grew from approximately $60 million to over $4 billion at the time of his departure.
Before joining Hercules, Mr. Stilley served as President and Chief Executive Officer of Seitel, Inc. and held a number of management positions with Weatherford International (NYSE:WFT) and Halliburton Company (NYSE:HAL) where he spent 22 years in various international operating locations.
Mr. Stilley, who is a 25-year member of the Society of Petroleum Engineers and a past chairman of the Petroleum Equipment Suppliers Association's Gulf Coast and Far East region chapters, holds a B.S. degree in Aerospace Engineering from the University of Texas at Austin and currently serves as non-executive Chairman and a director of ThruBit LLC. He also serves on the boards of Boys & Girls Country of Houston and Theater Under the Stars.
Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., stated, "Randy brings a wealth of energy sector knowledge, leadership and capital markets expertise and has successfully led a shallow water, Gulf of Mexico-based contract drilling business. With this appointment, we continue to make steady progress toward the separation of our 20-rig mat-supported jackup business, which allows us to sharply focus Pride's business on the premium floater segment."
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 46 offshore rigs, including two deepwater drillships, 12 semisubmersible rigs, 27 jackups and five managed deepwater rigs. The company also has four ultra-deepwater drillships under construction.
The Pride International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3388