Pride to Sell Four Idle Land Rigs
Pride International has reached agreement to sell four idle land drilling rigs from its Eastern Hemisphere Division for $25.5 million. The pending transactions are subject to closing conditions, which the Company expects to complete during the third quarter of 2005. Proceeds from the transaction will be used to further reduce debt.
Paul A. Bragg, President and Chief Executive Officer, commented, "These
rig disposals represent the continuing evolution of the Company's asset base.
We are selling idle assets which have not contributed to the Company's results
for attractive prices."