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.

We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
 
Business Process Analyst - Delaware Business Process
Expertise: Accounting|Business Analyst|Financial Analyst
Location: Midland, TX
 
Accountant - Intercompany
Expertise: Accounting
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours