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.