pride south pacific rig awarded new contract in angola

Pride South Pacific Rig Awarded New Contract in Angola

07-23-2008

Pride International, Inc. has announced 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 Angola.

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.