Pride International, Inc. has entered into a contract with BP Exploration & Production Inc. for the engineering, procurement and construction, as well as the operation of the drilling facilities to be installed on a BP development project in the Gulf of Mexico. Engineering of the rig will commence immediately, with delivery anticipated for December 2003. Pride will operate the drilling equipment for two years, with options for extension thereafter. The value of the contract totals approximately $80 million. "We are pleased to be a part of BP's Gulf of Mexico development program," commented Paul A. Bragg, Pride's President and Chief Executive Officer. "With our experience in the construction and operation of deepwater drillships and semisubmersibles and our existing platform rig operations in the Gulf of Mexico, Pride is uniquely positioned to deliver the technical and operational expertise necessary for this type of development project."