Pride International, Inc. Reports Record Fourth Quarter 2008 Income From Continuing Operations of $1.14 Per Diluted Share


HOUSTON, Feb. 19, 2009 (GLOBE NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today reported financial results for the three months and year ended December 31, 2008, including record levels during both periods for revenues and income from continuing operations.

For the three months ended December 31, 2008, income from continuing operations, net of tax, totaled $197.4 million, or $1.14 per diluted share, including a net gain of $3.4 million, or $0.01 per diluted share, relating primarily to the sale of the company's platform rig fleet. The results compared to $118.0 million, or $0.67 per diluted share, during the same three month period in 2007. Results for the three month period in 2007 included a net gain of $21.4 million, or $0.05 per diluted share, resulting from the sale of non-strategic assets. Excluding the impact of the net gains in both periods, fourth quarter 2008 income from continuing operations improved 101% from the corresponding three months in 2007. Fourth quarter 2008 revenues reached a record $621.6 million, improving 29% when compared to revenues of $482.4 million during the fourth quarter of 2007.

The company reported net income for the three months ended December 31, 2008 of $234.7 million, or $1.36 per diluted share, including $37.3 million, or $0.22 per diluted share, from discontinued operations. The results compared to net income for the corresponding three months in 2007 of $135.0 million, or $0.77 per diluted share, including $17.0 million, or $0.10 per diluted share, from discontinued operations.

For the year ended December 31, 2008, income from continuing operations, net of tax, was a record $666.4 million, or $3.81 per diluted share, compared to $423.8 million, or $2.41 per diluted share, for the year ended December 31, 2007. Results for the year ended December 31, 2008 included gains totaling $35.5 million, or $0.15 per diluted share, pertaining to the sale of non-strategic assets. Results for the year ended December 31, 2007 included gains totaling $30.5 million, or $0.10 per diluted share, relating primarily to the sale of non-strategic assets. Excluding the impact of these items, income from continuing operations improved 60% from the year ended December 31, 2007. Revenues reached $2,310.4 million for the year ended December 31, 2008, increasing 18% from revenues of $1,951.5 million for the year ended December 31, 2007.

Net income for the year ended December 31, 2008 totaled $852.1 million, or $4.87 per diluted share, including $185.7 million, or $1.06 per diluted share, from discontinued operations. For the year ended December 31, 2007, net income was $784.3 million, or $4.43 per diluted share, including $360.5 million, or $2.02 per diluted share, from discontinued operations.

Cash flows from operating activities totaled $844.1 million for the year ended December 31, 2008, while capital expenditures over the same period were $984.0 million, including $637.0 million associated with the construction of four deepwater drillships. The company expects capital expenditures in 2009 to total approximately $1.1 billion, including an estimated $735 million associated with the four drillships.

Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., stated, "The year 2008 was the most successful in our history, with record revenues and income from continuing operations. In addition, we exited the year with a more efficient and focused business model, having completed the divestiture of our tender and platform rigs and other non-strategic assets while expanding our presence in the deepwater drilling segment from both an asset and geographic standpoint. Our balance sheet at the close of 2008 reflects the disciplined and conservative approach we have demonstrated over the past three years. Cash and cash equivalents were $713 million, and total debt was $723 million, down from $1.2 billion at December 31, 2007. The company's debt-to-total-capitalization ratio at December 31, 2008 was 14%.

"Our financial results in the fourth quarter of 2008 reflect continued excellent operations performance, with our deepwater fleet achieving 98% utilization, while midwater fleet utilization improved to 94%, the highest level of utilization for this segment in 2008 following several shipyard and other out-of-service events earlier in the year. The midwater segment also achieved an 8% improvement in average daily revenues to $279,500.

"As we commence 2009, we are entering an increasingly uncertain economic climate with markedly lower crude oil and natural gas prices causing many customers to reduce planned exploration and production spending during the year. As a result, offshore drilling activity is noticeably lower in many regions around the world. Decreased customer demand is most evident in the jackup rig sector, resulting in an increasing number of idle rigs while new, uncontracted capacity is being delivered. Overall, a more challenging near- to intermediate-term dayrate environment is likely, especially for the jackup and midwater fleets, while the industry's deepwater fleet is expected to display more resilience due to longer term contract durations and strong geologic success over the past several years."

In closing, Raspino added, "Pride International is well-positioned to successfully operate in this more difficult offshore business climate. Our revenue backlog, currently $8.6 billion, excluding performance bonus opportunities, is expected to provide annual revenues of between $1.5 and $2.0 billion for each of the next four years. In addition, our capital structure remains strong, and we have only nominal debt maturities of approximately $30 million in each of the next three years. With our business transformation nearly complete, we will continue positioning the company as a unique offshore drilling choice for investors with an increasing emphasis in deepwater."

During the fourth quarter of 2008, the company reorganized its reportable segments to reflect the general asset class of its drilling rigs. The company believes that this change reflects how it manages its business. The company's new reportable segments include Deepwater, which consists of its rigs capable of drilling in water depths greater than 4,500 feet, and Midwater, which consists of its semisubmersible rigs capable of drilling in water depths of 4,500 feet or less. The company's jackup fleet, which operates in water depths up to 300 feet, is reported as two segments, Independent Leg Jackups and Mat-Supported Jackups, based on rig design as well as the company's intention to separate the mat-supported jackup business. The company also manages the drilling operations for three deepwater rigs, which are included in a non-reported operating segment along with corporate costs and other operations.

Deepwater Segment

Revenues from the company's fleet of eight deepwater rigs were $238.0 million during the fourth quarter of 2008, compared to $241.7 million in the preceding quarter of the year, with average revenues per day of $331,300 compared to $333,600 over the comparative period. The slight decline in revenues was due primarily to out-of-service time on the semisubmersible rig Pride Carlos Walter and a lower average dayrate on the semisubmersible rig Pride Rio de Janeiro following the reassignment of the rig at a higher dayrate for a portion of the third quarter of 2008. Earnings from operations improved to $136.5 million in the fourth quarter of 2008 from $127.9 million in the preceding quarter of the year, while EBITDA contribution grew to $154.9 million compared to $146.0 million over the comparative period. Operating costs in the fourth quarter of 2008 declined 13% following a change in estimated customs penalty assessment and labor expense adjustments recognized in the third quarter of 2008. Utilization of the fleet was 98% in the fourth quarter of 2008, unchanged from the preceding quarter of the year. Four rigs achieved utilization of 100% in the fourth quarter, with two others at 98% or better.

Although the urgency by some customers to contract deepwater rigs has diminished in early 2009, primarily due to the difficult global economic environment, which has contributed to the abrupt decline in crude oil prices since mid 2008, deepwater activity is expected to remain healthy. Customer interest in this attractive sector continues to be strong, especially in Brazil, West Africa and the U.S. Gulf of Mexico, as well as in several emerging areas. The industry's most capable rigs, which are those able to address customer needs in greater than 7,000 feet of water, are expected to remain fully utilized throughout 2009 and into the next decade as multi-year field development programs continue and customers continue successful exploration efforts. There is also an increasing focus by some customers on more challenging geologic structures, which are expected to require the advanced features of these rigs. The average contract time remaining on the industry's fleet of deepwater rigs capable of drilling in water depths over 7,000 feet is approximately four years, inclusive of those units presently under construction and with contract awards, while rigs capable of drilling in water depths of 4,500 feet to 7,000 feet have an average contract length of approximately 2.5 years. Due to the multi-year contracts, some subletting of deepwater rig time is likely during 2009 as customers attempt to balance their rig needs. Currently, 96% of the company's deepwater rig days are committed to contracts in 2009, with 87% and 81% committed in 2010 and 2011, respectively.

Midwater Segment

Revenues from the company's six midwater semisubmersibles improved 21% in the fourth quarter of 2008 to $145.1 million compared to $120.3 million during the preceding quarter of the year. Fourth quarter 2008 earnings from operations grew to $72.0 million, a 48% improvement from $48.8 million during the preceding quarter of the year, while EBITDA contribution reached $83.0 million, up 38% from $60.0 million over the same comparative period. Higher activity on the Pride Mexico and Sea Explorer, following mobilizations of both units for new contract commencements, contributed to an improvement in utilization during the fourth quarter of 2008 to 94% from 84% during the third quarter of 2008. Average daily revenues increased 8% over the same comparative period to $279,500, from $259,300, due in part to the commencement of a new contract on the Pride Venezuela at a dayrate of $375,000, up from $270,000 on the previous contract.

The combined EBITDA contribution of the Deepwater and Midwater segments reached $237.9 million in the fourth quarter of 2008, or 77% of total EBITDA in the quarter.

Some idle capacity among the industry's 112 midwater units has begun to surface in various locations around the world, especially in more geologically mature regions. With the average remaining contract duration on midwater rigs at approximately two years, customers in some regions, such as the UK North Sea, and others with limited capital resources, are increasingly subletting rig time in an effort to reduce capital spending during 2009, contributing to a more challenging near- to intermediate-term pricing environment. Currently, 97% of the company's midwater rig days are committed to contracts in 2009, with 70% committed in 2010.

Independent Leg Jackup Segment

The company's seven independent leg jackup rigs operating in India, the Middle East, West Africa and Mexico, recorded revenues of $82.5 million during the fourth quarter of 2008, an 11% improvement from $74.5 million during the third quarter of 2008. Earnings from operations improved to $43.0 million and EBITDA increased to $49.9 million in the fourth quarter of 2008. The figures compared to $39.0 million and $45.8 million, respectively, during the third quarter of 2008. Utilization during the fourth quarter of 2008 improved to 98% from 93% in the preceding quarter of the year due significantly to improved service time on the Pride Cabinda and Pride Pennsylvania following periods for repair and maintenance during the third quarter of the year. Increased dayrates for the Pride Cabinda and Pride Montana contributed to a 5% improvement in average daily revenues to $130,200 in the fourth quarter of 2008, up from $124,200 in the previous quarter of the year.

Declining contract backlogs in this segment associated with the industry's existing base of rigs and competition from incremental jackup rig capacity are contributing to a difficult operating environment in 2009. A decline in dayrates witnessed since mid-2008 has accelerated in early 2009 as customer spending on exploration and production work responds to the weak crude oil price environment. The company currently expects spot dayrates to continue a period of adjustment to lower levels as the number of idle rigs in search of work assignments increases. At present, the company believes Mexico is the only region where rig demand could increase during 2009. Pride currently has 76% of its fleet days in 2009 under contract, with 25% contracted in 2010.

Mat-Supported Jackup Segment

Revenues from the company's 20-rig mat jackup fleet, which is expected to be divested in a tax-free spin to shareholders during 2009, were $123.7 million in the fourth quarter of 2008, down 9% from $135.7 million in the third quarter of 2008. Earnings from operations declined 31% in the fourth quarter of 2008 to $34.1 million from $49.4 million in the preceding quarter of the year. EBITDA contribution fell to $47.9 million from $63.4 million over the same comparative period. Although average daily revenues in the fourth quarter of 2008 increased to $96,800 from $84,600 in the third quarter, utilization of the fleet declined to 69% from 84% over the same comparative period due primarily to a decline in regional activity related to weaker natural gas prices and a deepening of the global credit crisis which has prevented some smaller customers from obtaining the financing necessary to commence projects.

During the fourth quarter of 2008, the company mobilized rigs between the U.S. Gulf and Mexico as activity in the two regions declined or remained uncertain. The Pride South Carolina and Pride Mississippi were relocated to the U.S. Gulf, where the Pride South Carolina was stacked along with the Pride Nevada as market conditions weakened. Following the relocation of the Pride Oklahoma from Mexico to the U.S. Gulf in August 2008, the rig returned to Mexico in December to commence an estimated nine-month contract. At present, five of the segment's rigs in the U.S. Gulf have been or are in the process of being cold stacked and two others are idle. With exploration and production spending in the U.S. decidedly lower in early 2009 and expected to decline further over the year, the company plans to cold stack two additional rigs while maintaining a full crew on one rig that is currently idle. The company has six mat-supported rigs currently operating in Mexico and is in the process of assessing the need for the rigs by Pemex in 2009.

Pride International, Inc. will host a conference call at 11:00 a.m. Eastern time on Thursday, February 19, 2009 to discuss results for the fourth quarter of 2008, recent events and management's operational outlook. Individuals who wish to participate in the conference call should dial 913-312-1240 and refer to confirmation code 1597184 approximately five to 10 minutes before the scheduled start of the call. In addition, the conference call will be simulcast through a listen-only broadcast over the Internet and can be accessed by selecting the Investor Relations link at www.prideinternational.com. A telephonic replay of the conference call should be available after 2:00 p.m. Eastern time on February 19 and can be accessed by dialing 719-457-0820 and referring to pass code 1597184. Also, a replay will be available through the Internet, along with an electronic download option (podcast) and can be accessed by visiting the company's worldwide web address. All replay options will be available for approximately 30 days.

Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 44 offshore rigs, including two deepwater drillships, 12 semisubmersible rigs, 27 jackups and three managed deepwater rigs. The company also has four ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.

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

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.



                       Pride International, Inc.
                 Consolidated Statements of Operations
                (In millions, except per share amounts)

                                                   Three Months Ended
                                                      December 31,
                                                  -------------------
                                                    2008        2007
                                                  -------     -------
 REVENUES                                         $ 621.6     $ 482.4
 COSTS AND EXPENSES
   Operating costs, excluding depreciation 
    and amortization                                284.8       251.3
   Depreciation and amortization                     51.6        51.0
   General and administrative, excluding 
    depreciation and amortization                    32.9        38.0
   Gain on sales of assets, net                      (3.4)      (21.4)
                                                  -------     -------
                                                    365.9       318.9
                                                  -------     -------
 EARNINGS FROM OPERATIONS                           255.7       163.5
 
 OTHER INCOME (EXPENSE), NET
   Interest expense                                  (0.1)      (13.1)
   Refinancing charges                               (1.1)         --
   Interest income                                    2.0         9.7
   Other income (expense), net                        2.1         0.8
                                                  -------     -------
 INCOME FROM CONTINUING OPERATIONS BEFORE
   INCOME TAXES AND MINORITY INTEREST               258.6       160.9
 INCOME TAXES                                       (61.2)      (42.9)
 MINORITY INTEREST                                     --          --
                                                  -------     -------
 INCOME FROM CONTINUING OPERATIONS, NET OF TAX      197.4       118.0
 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX     37.3        17.0
                                                  -------     -------
                                                       
 NET INCOME                                       $ 234.7     $ 135.0
                                                  =======     =======
 BASIC EARNINGS PER SHARE:
   Income from continuing operations              $  1.14     $  0.71
   Income from discontinued operations               0.22        0.10
                                                  -------     -------
     Net income                                   $  1.36     $  0.81
                                                  =======     =======
 DILUTED EARNINGS PER SHARE:
   Income from continuing operations              $  1.14     $  0.67
   Income from discontinued operations               0.22        0.10
                                                  -------     -------
     Net income                                   $  1.36     $  0.77
                                                  =======     =======
 SHARES USED IN PER SHARE CALCULATIONS
   Basic                                            172.8       166.3
   Diluted                                          173.0       179.0



                       Pride International, Inc.
                 Consolidated Statements of Operations
                (In millions, except per share amounts)

                                        Year Ended December 31,
                                  -----------------------------------
                                    2008         2007         2006
                                  ---------    ---------    ---------
 REVENUES                         $ 2,310.4    $ 1,951.5    $ 1,518.8
 COSTS AND EXPENSES
   Operating costs, excluding
    depreciation and amortization   1,127.9        966.7        887.9
   Depreciation and amortization      206.5        215.3        188.0
   General and administrative,
    excluding depreciation and
    amortization                      130.6        138.1        105.8
   Impairment expense                    --           --          0.5
   Gain on sales of assets, net       (24.1)       (30.5)       (28.6)
                                  ---------    ---------    ---------
                                    1,440.9      1,289.6      1,153.6
                                  ---------    ---------    ---------
 EARNINGS FROM OPERATIONS             869.5        661.9        365.2

 OTHER INCOME (EXPENSE), NET
   Interest expense                   (18.5)       (73.3)       (78.2)
   Refinancing charges                 (2.3)          --           --
   Interest income                     17.5         14.4          4.2
   Other income (expense), net         17.4         (3.4)         0.9
                                  ---------    ---------    ---------
 INCOME FROM CONTINUING OPERATIONS
  BEFORE INCOME TAXES AND
  MINORITY INTEREST                   883.6        599.6        292.1
 INCOME TAXES                        (217.2)      (172.3)      (117.4)
 MINORITY INTEREST                       --         (3.5)        (4.1)
                                  ---------    ---------    ---------
 INCOME FROM CONTINUING
  OPERATIONS, NET OF TAX              666.4        423.8        170.6
 INCOME FROM DISCONTINUED
  OPERATIONS, NET OF TAX              185.7        360.5        125.9
                                  ---------    ---------    ---------
                                         
 NET INCOME                       $   852.1    $   784.3    $   296.5
                                  =========    =========    =========
 BASIC EARNINGS PER SHARE:
   Income from continuing
    operations                    $    3.91    $    2.56    $    1.05
   Income from discontinued
    operations                         1.09         2.18         0.77
                                  ---------    ---------    ---------
     Net income                   $    5.00    $    4.74    $    1.82
                                  =========    =========    =========
 DILUTED EARNINGS PER SHARE:
   Income from continuing
    operations                    $    3.81    $    2.41    $    1.01
   Income from discontinued
    operations                         1.06         2.02         0.71
                                  ---------    ---------    ---------
     Net income                   $    4.87    $    4.43    $    1.72
                                  =========    =========    =========
 SHARES USED IN PER SHARE
  CALCULATIONS
   Basic                              170.6        165.6        162.8
   Diluted                            175.6        178.5        176.5



                       Pride International, Inc.
                      Consolidated Balance Sheets
                             (In millions)

                                                    December 31,
                                                ---------------------
                                                   2008        2007
                                                ---------   ---------
                    ASSETS
 CURRENT ASSETS:
   Cash and cash equivalents                    $   712.5   $   890.4
   Trade receivables, net                           438.8       339.8
   Deferred income taxes                             90.5        70.1
   Prepaid expenses and other
    current assets                                  177.4       149.5
   Assets held for sale                               1.4        82.8
                                                ---------   ---------
     Total current assets                         1,420.6     1,532.6

 PROPERTY AND EQUIPMENT                           6,063.8     5,438.4
   Less: accumulated depreciation                 1,474.9     1,418.7
                                                ---------   ---------
     Property and equipment, net                  4,588.9     4,019.7

 INTANGIBLE AND OTHER ASSETS                         55.5        61.6
                                                ---------   ---------
     Total assets                               $ 6,065.0   $ 5,613.9
                                                =========   =========

      LIABILITIES AND STOCKHOLDERS' EQUITY
 CURRENT LIABILITIES:
   Current portion of long-term debt            $    30.3   $    75.8
   Accounts payable                                 137.3       133.1
   Accrued expenses and other current
    liabilities                                     403.4       428.3
   Liabilities held for sale                           --         7.4
                                                ---------   ---------
     Total current liabilities                      571.0       644.6

 OTHER LONG-TERM LIABILITIES                        144.6       171.8

 LONG-TERM DEBT, NET OF CURRENT PORTION             692.9     1,115.7

 DEFERRED INCOME TAXES                              257.6       211.4

 STOCKHOLDERS' EQUITY:
   Preferred stock                                     --          --
   Common stock                                       1.7         1.7
   Paid-in capital                                1,971.2     1,886.1
   Treasury stock, at cost                          (13.3)       (9.9)
   Retained earnings                              2,437.0     1,584.9
   Accumulated other comprehensive income             2.3         7.6
                                                ---------   ---------
     Total stockholders' equity                   4,398.9     3,470.4
                                                ---------   ---------
       Total liabilities and stockholders'
        equity                                  $ 6,065.0   $ 5,613.9
                                                =========   =========



                       Pride International, Inc.
                 Consolidated Statements of Cash Flows
                             (In millions)

                                          Year Ended December 31,
                                      -------------------------------
                                       2008         2007       2006
                                      -------      -------    -------
 CASH FLOWS FROM (USED IN)
  OPERATING ACTIVITIES:
 Net income                           $ 852.1      $ 784.3    $ 296.5
 Adjustments to reconcile net
  income to net cash from
  operating activities:
   Gain on sale of tender-assist
    rigs                               (121.4)          --         --
   Gain on sale of Latin America
    and E&P Services segments           (56.8)      (268.6)        --
   Gain on sale of Eastern
    Hemisphere land rigs                 (6.2)          --         --
   Gain on sale of equity method
    investment                          (11.4)          --         --
   Depreciation and amortization        210.8        269.7      269.9
   Amortization and write-offs of
    deferred financing costs              5.2          4.0        4.0
   Amortization of deferred
    contract liabilities                (59.0)       (57.3)     (12.4)
   Impairment charges                      --           --        3.9
   Gain on sales of assets, net         (24.0)       (31.5)     (31.4)
   Deferred income taxes                 78.6         53.0       65.4
   Excess tax benefits from
    stock-based compensation             (7.7)        (7.2)     (14.0)
   Stock-based compensation              24.8         23.0       17.2
   Loss (gain) on mark-to-market
    of derivatives                         --          3.9        1.3
   Other, net                             0.7          3.4        4.1
 Net effect of changes in
  operating accounts                    (26.9)      (152.0)      14.4
 Deferred gain on asset sales           (12.3)          --         --
 Increase (decrease) in deferred
  revenue                                (8.7)        35.3      (14.5)
 Decrease (increase) in deferred
  expense                                 6.3         25.0        7.3
                                      -------      -------    -------
 NET CASH FLOWS FROM (USED IN)
  OPERATING ACTIVITIES                  844.1        685.0      611.7
 CASH FLOWS FROM (USED IN)
  INVESTING ACTIVITIES:
   Purchases of property and
    equipment                          (984.0)      (656.4)    (356.2)
   Purchase of net assets of
    acquired entities, including
    acquisition costs, less cash
    acquired                               --        (45.0)    (212.6)
   Proceeds from dispositions of
    property and equipment               65.8         53.4       60.5
   Proceeds from sale of
    tender-assist rigs, net             210.8           --         --
   Proceeds from sale of Eastern
    Hemisphere land rigs                 84.9           --         --
   Proceeds from sale of equity
    method investment                    15.0           --         --
   Net proceeds from disposition
    of Latin America Land and E&P
    Services segments, net of
    cash disposed                          --        947.1         --
   Proceeds from hurricane
    insurance                            25.0           --         --
   Investments in and advances to
    affiliates                             --           --       (5.3)
                                      -------      -------    -------
 NET CASH FLOWS FROM (USED IN)
  INVESTING ACTIVITIES                 (582.5)       299.1     (513.6)
 CASH FLOWS FROM (USED IN)
  FINANCING ACTIVITIES:
   Repayments of borrowings            (537.2)      (599.5)    (568.7)
   Proceeds from debt borrowings         68.0        403.0      423.9
   Debt finance costs                    (2.7)          --         --
   Decrease in restricted cash             --          1.8         --
   Net proceeds from employee
    stock transactions                   24.7         29.7       51.7
   Excess tax benefits from
    stock-based compensation              7.7          7.2       14.0
                                      -------      -------    -------
 NET CASH FLOWS FROM (USED IN)
  FINANCING ACTIVITIES                 (439.5)      (157.8)     (79.1)
 Increase (decrease) in cash and
  cash equivalents                     (177.9)       826.3       19.0
 CASH AND CASH EQUIVALENTS,
  BEGINNING OF PERIOD                   890.4         64.1       45.1
                                      -------      -------    -------
 CASH AND CASH EQUIVALENTS, END
  OF PERIOD                           $ 712.5      $ 890.4    $  64.1
                                      =======      =======    =======



                       Pride International, Inc.
           Quarterly Continuing Operating Results by Segment
                             (In millions)

                                           Three Months Ended
                                      Dec. 31,    Sept. 30,   Dec. 31,
                                      -------------------------------
                                        2008         2008      2007
                                      -------      -------    -------
 Revenues:
   Deepwater                          $ 238.0      $ 241.7    $ 163.0
   Midwater                             145.1        120.3       70.6
   Jackups - Independent Leg             82.5         74.5       63.3
   Jackups - Mat-Supported              123.7        135.7      129.8
   Other                                 32.2         35.0       55.0
   Corporate                              0.1           --        0.7
                                      -------      -------    -------
     Total                            $ 621.6      $ 607.2    $ 482.4
                                      =======      =======    =======
 Earnings from continuing
  operations:
   Deepwater                          $ 136.5      $ 127.9     $ 68.4
   Midwater                              72.0         48.8       25.8
   Jackups - Independent Leg             43.0         39.0       31.1
   Jackups - Mat-Supported               34.1         49.4       45.8
   Other                                  3.6          4.9       33.0
   Corporate                            (33.5)       (30.8)     (40.6)
                                      -------      -------    -------
     Total                            $ 255.7      $ 239.2    $ 163.5
                                      =======      =======    =======



                       Pride International, Inc.
           Quarterly Continuing Operating Results by Segment
                             (In millions)

                                         Year Ended December 31,
                                    ---------------------------------
                                      2008        2007        2006
                                    ---------   ---------   ---------
 Revenues:
   Deepwater                        $   882.2   $   643.9   $   479.0
   Midwater                             425.2       334.5       181.2
   Jackups - Independent Leg            275.2       221.7       125.6
   Jackups - Mat-Supported              553.1       551.7       550.9
   Other                                174.2       198.7       182.2
   Corporate                              0.5         1.0        (0.1)
                                    ---------   ---------   ---------
     Total                          $ 2,310.4   $ 1,951.5   $ 1,518.8
                                    =========   =========   =========

 Earnings from continuing operations:
   Deepwater                        $   463.0   $   274.2   $   123.4
   Midwater                             168.7       145.0        27.8
   Jackups - Independent Leg            135.7        94.9        34.0
   Jackups - Mat-Supported              197.1       227.8       269.1
   Other                                 39.9        62.6        31.9
   Corporate                           (134.9)     (142.6)     (121.0)
                                    ---------   ---------   ---------
     Total                          $   869.5   $   661.9   $   365.2
                                    =========   =========   =========



                       Pride International, Inc.
         Quarterly Selected Offshore Drilling Services Metrics

                   Q4 2008            Q3 2008           Q4 2007
             ------------------  ------------------  ----------------
              Average             Average              Average
               Daily     Utili-    Daily    Utili-      Daily   Utili-
             Revenues    zation  Revenues   zation    Revenues  zation
             ---------  -------  --------- --------  ---------- ------
                (1)       (2)       (1)       (2)       (1)      (2)
             ---------  -------  --------- --------  ---------- ------
 Deepwater   $ 331,300    98%    $ 333,600    98%     $ 251,300    88%
 Midwater    $ 279,500    94%    $ 259,300    84%     $ 215,200    59%
 Jackups -
  Indepen-
  dent
  Leg        $ 130,200    98%    $ 124,200    93%     $ 107,100    92%
 Jackups
  - Mat
  -Supported $  96,800    69%    $  84,600    84%     $  94,300    71%

 --------------------------------------------------------------------
 (1) Average daily revenues are based on total revenues for each type
     of rig divided by actual days worked by all rigs of that type.
     Average daily revenues will differ from average  contract dayrate
     due to billing adjustments for any non-productive time,
     mobilization fees, demobilization fees, performance bonuses and
     charges to the customer for ancillary services.

 (2) Utilization is calculated as the total days worked divided by the
     total days in the period.
 --------------------------------------------------------------------



                       Pride International, Inc.
          Annual Selected Offshore Drilling Services Metrics

                        Year Ended December 31,
                   2008               2007                2006
             ----------------  -------------------- -----------------
              Average           Average              Average
               Daily   Utili-    Daily    Utili-      Daily    Utili-
             Revenues  zation   Revenues  zation     Revenues  zation
             --------- ------  ---------  ------    ---------  ------
                (1)     (2)       (1)      (2)         (1)       (2)
             --------- ------  ---------  ------    ---------  ------
 Deepwater   $ 310,100  97%    $ 230,800   96%      $ 180,100    91%
 Midwater    $ 249,200  78%    $ 192,200   79%      $ 102,300    81%
 Jackups -
  Indepen-
  dent       $ 121,100  89%    $ 100,600   86%       $ 58,700    93%
 Jackups -
  Mat
  -Supported  $ 90,300  81%     $ 93,500   77%       $ 87,100    89%

 --------------------------------------------------------------------
 (1) Average daily revenues are based on total revenues for each type
     of rig divided by actual days worked by all rigs of that type.
     Average daily revenues will differ from average contract dayrate
     due to billing adjustments for any non-productive time,
     mobilization fees, demobilization fees, performance bonuses and
     charges to the customer for ancillary services.

 (2) Utilization is calculated as the total days worked divided by the
     total days in the period.
 --------------------------------------------------------------------



                      Pride International, Inc.
           Reconciliation of Earnings before Interest, Taxes and 
                 Depreciation and Amortization (EBITDA)
                             (In millions)

 We believe that this non-GAAP financial measure for EBITDA is
 meaningful information that our management considers when making
 investment decisions. We believe it also provides supplemental
 information regarding our operating results with respect to both the
 performance of our fundamental business activities and our ability 
 to meet our future debt service, capital expenditures and working
 capital requirements. We also believe investors and analysts commonly
 use EBITDA as a widely  accepted financial indicator to analyze and
 compare companies on the basis of operating performance that have
 different financing and capital structures and tax rates. EBITDA is
 not a substitute for the U.S. GAAP measures of earnings or of cash
 flow and is not necessarily a measure of the  company's ability to
 fund its cash needs.

                                      -------------------------------
                                      Q4 2008      Q3 2008    Q4 2007
                                      -------      -------    -------
 Deepwater
 Income (loss) from continuing
  operations                          $ 136.5      $ 127.9    $  68.4
 Plus: Total interest expense, net         --           --         --
 Plus: Income tax provision                --           --         --
 Plus: Depreciation and
  amortization                           18.4         18.1       18.4
                                      -------      -------    -------
 EBITDA                                 154.9        146.0       86.8

 Midwater
 Income (loss) from continuing
  operations                             72.0         48.8       25.8
 Plus: Total interest expense, net         --           --         --
 Plus: Income tax provision                --           --         --
 Plus: Depreciation and amortization     11.0         11.2        8.2
                                      -------      -------    -------
 EBITDA                                  83.0         60.0       34.0

 Jackups - Independent Leg
 Income (loss) from continuing
  operations                             43.0         39.0       31.1
 Plus: Total interest expense, net         --           --         --
 Plus: Income tax provision                --           --         --
 Plus: Depreciation and amortization      6.9          6.8        6.4
                                      -------      -------    -------
 EBITDA                                  49.9         45.8       37.5

 Jackups - Mat-Supported
 Income (loss) from continuing
  operations                             34.1         49.4       45.8
 Plus: Total interest expense, net         --           --         --
 Plus: Income tax provision                --           --         --
 Plus: Depreciation and amortization     13.8         14.0       14.3
                                      -------      -------    -------
 EBITDA                                  47.9         63.4       60.1

 Other & Corporate
 Income (loss) from continuing
  operations                            (88.2)       (85.4)     (53.1)
 Plus: Total interest expense, net       (1.9)        (0.9)       3.4
 Plus: Income tax provision              61.2         66.0       42.9
 Plus: Depreciation and amortization      1.5          2.0        3.7
                                      -------      -------    -------
 EBITDA                                 (27.4)       (18.3)      (3.1)

 Total Pride International Inc.
 Income (loss) from continuing
  operations                            197.4        179.7      118.0
 Plus: Total interest expense, net       (1.9)        (0.9)       3.4
 Plus: Income tax provision              61.2         66.0       42.9
 Plus: Depreciation and amortization     51.6         52.1       51.0
                                      -------      -------    -------
 EBITDA                               $ 308.3      $ 296.9    $ 215.3
                                      =======      =======    =======

            

Coordonnées