Pride Scores Three More Pemex Contracts
Pride International, Inc has been awarded contracts for its semisubmersible Pride South Seas and two additional jackup rigs, the Pride Mississippi and Pride Oklahoma, by a unit of Pemex. The Pride South Seas contract is for a period of 958 days, with a total value of approximately $57 million. The rig is currently in transit and should start operations in Mexico in late October 2002. The jackup contracts are for an aggregate term of 1,997 days and approximately $78 million in contract value. Operations are expected to commence in late September 2002. Including the three new contract awards, Pride's contracted fleet in Mexico now consists of seven jackups, one semisubmersible and two platform rigs.
The Company also announced that it has commenced operations of the Pride Wisconsin and Pride California under contracts with Pemex awarded in July 2002.
"By the end of October, we will have a total of ten offshore rigs operating under long-term contracts with Pemex," said Paul Bragg, President and Chief Executive Officer of Pride. "Together, these ten rigs will contribute approximately $120 million in annualized revenues, making Mexico one of our most significant operating regions. Our contracting success in Mexico has exceeded our initial expectations, and we look forward to extending further our relationship with this important client."