Pride Completes Conversion of 2.5% Convertible Senior Notes

Pride International, Inc. (NYSE: PDE) reported that substantially all notes outstanding under the Company's 2.5% Convertible Senior Notes Due 2007 have been tendered for conversion. As previously announced, the Company issued a call notice to redeem the notes on March 25, 2005, at which time $298.6 million principal was outstanding. The tendered notes have been converted into approximately 18.1 million shares of common stock, and the Company has redeemed in cash the remaining $31,000 principal balance.
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