HOUSTON, Aug. 31, 2007 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today announced that it has completed the sale of its Latin America land-based drilling and workover rig business and its E&P Services business to GP Investments, Ltd. on the terms previously disclosed.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest drilling contractors. The company provides offshore and land drilling and related services, operating a fleet of 68 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 14 tender-assist, barge and platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The company has two additional ultra-deepwater drillships under construction with expected deliveries in 2010. The company has announced an agreement to sell three of its tender-assist rigs, with an expected closing in early 2008.
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Statements regarding expected delivery and closing dates 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 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.