HOUSTON, July 22, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) announced today that its deepwater semisubmersible rig, the Pride South Pacific, has been awarded a two-well, estimated 90-day contract by an international oil and gas exploration and production company for drilling operations offshore West Africa. The contract is expected to commence during early July 2009, following the completion of an existing contract commitment offshore Angola and mobilization to the new location. The contract also provides for two one-well options that if exercised, would extend the firm period of the contract by an estimated 75 days. Revenues that could be generated over the estimated 90-day firm contract period are approximately $58.5 million, excluding revenues for mobilization, demobilization and client reimbursables.
The Pride South Pacific is one of eight deepwater semisubmersibles and drillships in the Pride International fleet. The rig, which completed a significant upgrade in 1998, utilizes a conventional chain and wire mooring system and is capable of operating in water depths of up to 6,500 feet.
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 duration of client contracts, aggregate revenues and future contract commencement dates, 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.