HOUSTON, Feb. 25, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today reported that the company has completed the previously announced sale of its three self-erecting, tender-assist rigs, the Al Baraka I, Alligator and Barracuda, for $213 million in cash. Proceeds from the sale are expected to be utilized for general corporate and strategic purposes, including potential funding for the construction of the company's three ultra-deepwater drillships and other future growth opportunities.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 64 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The company also has three ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.
Statements regarding the estimated duration of expected deliveries, 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.