Pride's Semisub Sea Explorer Snags Work Offshore Brazil

Pride International, Inc. has announced that its second generation semisubmersible rig, the Sea Explorer, has been awarded a two-year contract with OGX Petroleo e Gas Participacoes SA for work offshore Brazil.

The contract is expected to commence in August 2009, following the completion of an existing contract commitment in the Republic of Congo and mobilization to the new location. Revenues are expected to be $244 million excluding revenues for mobilization, demobilization and client reimbursables.

The Sea Explorer is one of 14 semisubmersibles and drillships in the Pride fleet. It is a conventionally moored semisubmersible rig and is capable of operating in water depths of up to 1,000 feet.



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