Pride International Says Pride North America Down for Repairs

Pride International says its deepwater semisubmersible Pride North America experienced mechanical difficulties with its subsea control system. Efforts to repair this equipment on location were unsuccessful, and components of the system have been shipped to the original equipment manufacturer for repair or replacement. The Company anticipates that repairs to the subsea control system will be completed and the rig will resume normal operations in early April. Consequently, it is expected that the rig will be idle for a total period of approximately 51 days during the first quarter 2006. Prior to commencing operations under the current contract in early January 2006, the rig underwent mobilization, scheduled shipyard repairs and upgrades, and customer inspection throughout the fourth quarter.

In addition, following demobilization to the shipyard during the fourth quarter of 2005, the Company commenced life enhancement projects on two of its jackups, the Pride Tennessee and the Pride Oklahoma. The Company expects the life enhancement projects, inclusive of transit and shipyard time, to last approximately six months for each rig, with aggregate capital expenditures totaling approximately $65 million.
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