HOUSTON, Dec. 20, 2007 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today announced that its report of drilling rig status and contract information covering the company's fleet of offshore drilling rigs, its five drilling management projects, along with a summary status of its Eastern Hemisphere-based land fleet, has been updated as of December 19, 2007. The report also provides an estimate of 2008 rig out-of-service time resulting from planned shipyard programs and time required for rig mobilizations. The updated report, titled "Monthly Fleet Update," is available through the company's worldwide web address at www.prideinternational.com and can be accessed at the Investor Relations link.
The company also announced that 2008 estimated capital expenditures are expected to total approximately $780 million compared to $835 million in estimated capital expenditures for 2007. The 2008 expected expenditures include sustaining or fleet maintenance capital investment of approximately $180 million, expenditures associated with the construction of two ultra-deepwater drillships of approximately $395 million, rig enhancements, including contractually required upgrades, of approximately $185 million and an estimated $20 million for critical spare components.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 67 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 13 tender-assist and platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The company also has two ultra-deepwater drillships under construction and has announced an agreement to sell three of its tender-assist rigs.
Statements regarding capital expenditures, including amounts and uses thereof, as well as any other statements that are not historical facts in the report 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.