Pride International Renews Gulf of Mexico Jackup Contracts

Pride Texas Jack-up Drilling Rig
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Pride International has contracted to operate its 300 ft. mat-supported cantilever jackup Pride Texas offshore Mexico for a 730-day contract for PEMEX. Aggregate revenues from the contract are expected to be approximately $44 million, or $60,000 per day. The rig has continued to operate on an extension to the existing contract while negotiations were concluded.

The Company also announced new contracts for the 250 ft. mat-supported cantilever jackup Pride Florida and the 200 ft. mat-supported slot jackup Pride Georgia, for which the rates will increase to $57,000 and $55,000 per day, respectively, following their current commitments. Additionally, the Company announced new one-year contracts for the 250 ft. mat-supported slot jackup Pride Arizona and the 200 ft. mat-supported cantilever jackup Pride New Mexico. The rates for both rigs will start at approximately $52,000 per day, adjusting to market each 90 days.

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