Pride Portland Begins Petrobras Contract Offshore Brazil

Pride International announced today that the Amethyst-class deepwater semisubmersible Pride Portland, a newly constructed 5,700 foot water depth, dynamically-positioned semisubmersible, was accepted for commencement of operations on October 31 offshore Brazil. The rig is operated by the Company and owned by a joint venture of which Pride owns 30%. The Pride Portland and its sister rig, the Pride Rio de Janeiro each have five-year contracts from Petroleo Brasileiro S.A. (Petrobras) for work offshore Brazil with combined contract value of approximately $600 million, including mobilization and performance bonus opportunities.

Louis Raspino, President and Chief Executive Officer, commented, "We are pleased to announce the acceptance of this unit for operations as a continuation of the drilling services we provide Petrobras and the long-term commitment we have to deepwater operations in Brazil."
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