Pride International Platform Rig Suffers Damage During Ivan

Following an initial inspection of U.S. Gulf of Mexico assets, Pride International, Inc. reported that only one of its rigs suffered damage from Hurricane Ivan. The hurricane passed through the eastern edge of the Company's operating areas, and its rigs had been secured and personnel evacuated in accordance with its standard safety procedures.

Platform Rig 1503E, located in Mississippi Canyon Block 773, sustained damage to its mast and related equipment. Initial repair estimates are expected to be approximately $1-2 million, which is less than the deductible limit for the Company's physical damage insurance coverage. Pride estimates, on a preliminary basis, that a minimum of 90 days will be required to repair the rig for service.
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