HOUSTON, May 27, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE: PDE) today reported that the company has completed the previously announced sale of its platform rig fleet to Blake International, LLC for $66 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 54 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 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.
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Statements regarding the expected use of proceeds, 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 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.