Pride Expects the Pride Wyoming to be a Total Loss
|Tuesday, September 16, 2008
Pride International reports 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.
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