Pride International, Inc., Announces Contract Award for Semisubmersible Rig Sea Explorer

Thu. September 11, 2008; Posted: 01:28 PM

HOUSTON, Sep 11, 2008 (GlobeNewswire via COMTEX) -- PDE | Quote | Chart | News | PowerRating -- Pride International, Inc. (NYSE:PDE) announced today that its second generation semisubmersible rig, the Sea Explorer, has been awarded a two-year contract with OGX Petroleo e Gas Participacoes SA for work offshore Brazil. The contract is expected to commence in August 2009, following the completion of an existing contract commitment in the Republic of Congo and mobilization to the new location. Revenues are expected to be $244 million excluding revenues for mobilization, demobilization and client reimbursables.

The Sea Explorer is one of 14 semisubmersibles and drillships in the Pride fleet. It is a conventionally moored semisubmersible rig and is capable of operating in water depths of up to 1,000 feet.

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.

The Pride International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3388

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.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Pride International, Inc.

Pride International, Inc. Analyst Contact: Jeffrey L. Chastain (713) 917-2020 Media Contact: Kate Perez (713) 917-2343

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