Pride International 2008 Capital Expenditures Fall to $780 Million

Pride International's 2008 estimated capital expenditures total approximately $780 million, which is down from $835 million for 2007.

Pride International representative Jeffrey Chasthain said the drop in expenditures for 2008 is due to the end of the life-enhancement projects Pride completed in 2005, 2006 and 2007.

"Over the past three years, we have been pretty aggressive in our life-enhancement program on all our jackup rigs, domestic and international," said Chastain. "We have largely completed that program, which is now winding down. Our focus now is on new-build deepwater rigs."

The 2008 expected expenditures include sustaining or fleet maintenance capital investment of approximately $180 million, expenditures associated with the construction of two ultra-deepwater drillships of approximately $395 million, rig enhancements, including contractually required upgrades, of approximately $185 million and an estimated $20 million for critical spare components.

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