HOUSTON, Sept. 16, 2008 (GLOBE NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) reported today that the Pride Wyoming, a 250-foot mat slot jackup rig operating in the U.S. Gulf of Mexico, is missing and expected to be a total loss following Hurricane Ike. The rig's last location was at Ship Shoal 283, approximately 90 miles south of Houma, Louisiana. All rig personnel had been safely evacuated prior to the arrival of the storm.
The company noted that the insured value of the rig is $45 million, with a $20 million loss retention. In addition, the company is fully insured for costs associated with the removal of wreckage, if necessary.
Air reconnaissance of the remaining rigs in Pride's U.S. Gulf of Mexico fleet indicated no visible damage. The company has begun the process of boarding these units to conduct a more thorough inspection and to commence reactivation.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 47 offshore rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups and five managed deepwater rigs. The company also has four ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.
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Statements regarding expected shipyard delivery 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.