Pride Wins More Contracts from Pemex

Pride International reports that three of the Company's 200 foot, mat-cantilever jackup rigs, the Pride Alabama, Pride Colorado and Pride Mississippi, have been awarded one-year contracts by PEMEX Exploracion y Produccion (PEMEX) for drilling operations in Mexican waters of the Gulf of Mexico.

The contracts for the Pride Alabama and Pride Colorado are expected to commence in May 2007 and July 2007, respectively, in direct continuation of existing contract commitments. Both rigs are currently operating in Mexican waters of the Gulf of Mexico for PEMEX. The contract for the Pride Mississippi is expected to commence in September 2007, following the completion of current contract commitments and mobilization of the rig from the U.S. Gulf of Mexico.

Aggregate revenues which could be generated from the three contract awards are approximately $106.8 million, excluding revenues from mobilization, demobilization and customer reimburseables. Each contract award provides for a fixed dayrate throughout the primary term of the contract.

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