Two Pride Jackups Land Contracts

Gulf of Mexico
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Pride International says that it has contracted to operate its 250 ft. mat-supported cantilever jackup Pride Alaska in the U.S. Gulf of Mexico for a 250-day term at $90,000 per day for the first 90 days commencing mid-Q4, with the rate indexed at 90 day increments following the initial term. Aggregate revenues from the contract are expected to be approximately $26,000,000 with the contract index mechanism and current market conditions.

In addition, the Company recently signed a new 90-day contract for the 200 ft. mat-supported cantilever jackup Pride Florida at a dayrate of $85,000 per day and a one well contract for the 250 ft. mat-supported slot jackup Pride Michigan at a dayrate of $80,000 per day.

Louis Raspino, President and Chief Executive Officer commented, "We are pleased to announce these new contracts which continue to reflect the very strong demand for our drilling services in the Gulf of Mexico and the other markets we serve. We are pursuing longer term contract opportunities in the Gulf where we are able to apply index adjustments for market movement."
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