Pride International Company News

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Randy Stilley Comes on Board of Paragon Offshore
Tuesday, February 04, 2014With more than 38 years of experience, Stilley will head Noble Corporation’s new spin-off, Paragon Offshore.

Ensco Completes Pride Acquisition
Tuesday, May 31, 2011Ensco announced the completion of its acquisition of Pride International after both companies received overwhelming shareholder approvals.

Pride, Ensco Enter MOU in Merger Lawsuit
Friday, May 20, 2011Pride and the other named defendants in the previously disclosed stockholder class action lawsuits filed related to the proposed merger with Ensco entered into a memorandum of understanding with the plaintiffs to settle the litigation.

Pride Extends Option for Construction with Samsung Heavy
Friday, April 01, 2011Pride has reached agreement with Samsung Heavy to extend Pride's option for the construction of a sixth ultra-deepwater drillship by 30 days.

Pride Highlights 4Q Earnings in 2010
Thursday, February 17, 2011Pride reported results for the 4Q included costs relating to reactivation and startup programs, along with higher than normal repair and maintenance expenses in preparation for increased regulatory inspections.

Pride Takes Delivery of 3rd Deepwater Drillship
Tuesday, January 25, 2011Pride has dedicated and accepted delivery of the Deep Ocean Mendocino, the third new deepwater drillship to be added to the Pride International fleet.

Pride to Build 5th Deepwater Drillship
Tuesday, December 14, 2010Pride International contracts Samsung to build its fifth ultra-deepwater drillship.

Pride Reports 3Q Financial Results
Thursday, November 04, 2010"Our third quarter was highlighted by additional milestones achieved in our deepwater rig expansion program," said Louis A. Raspino.

Pride, Seahawk Face Different Timelines for Potential Sales
Wednesday, November 03, 2010Pride and Seahawk have put up for-sale signs at the same time but are likely looking at diff. timelines in getting any potential deals done.

Pride Dedicates New Deepwater Drillship, Set for GOM Ops
Wednesday, August 25, 2010The Deep Ocean Clarion was recently christened by Pride before mobilizing the rig to the U.S. GOM where it is expected to commence operations in the first quarter of 2011.

Pride Prices Public Offering of $1.2B
Wednesday, August 04, 2010Pride has priced an underwritten public offering of $1.2 billion aggregate principal amount of senior notes.

Pride Swings to Loss in 2Q Due to Jackup Lag
Thursday, July 29, 2010Revenues totaled $350.3 million during the second quarter of 2010 compared to $362.8 million and $439.5 million during the first quarter of 2010 and second quarter of 2009, respectively.

Pride International Receives Semisubmersible Rig Contract
Wednesday, May 05, 2010Pride International has been awarded a one-year contract by OGX Petroleo e Gas Participacoes SA for the midwater semisubmersible rig Pride Venezuela.

Pride's Floating Rig Fleet Improves Financial Results
Thursday, April 29, 2010"1Q 2010 financial results rebounded from the final quarter of 2009 with the return to service of the Pride North America and Pride South Pacific following the completion of scheduled shipyard projects," said Louis A. Raspino.

Pride's First Newbuild Drillship Rolls Off the Line at Samsung
Tuesday, February 23, 2010Pride is expected to take delivery of the Deep Ocean Ascension in late February 2010, followed by the drillship's mobilization to the U.S. GOM.

Pride Maintains 'Solid' Balance Sheet Through 2009
Thursday, February 18, 2010Pride International's net cash flows from operating activities were $95 million during the fourth quarter of 2009 and totaled $627 million for the year ended December 31, 2009.

Brazil: OGX-3 Discovery Could Contain Up to 900MM Barrels
Wednesday, February 03, 2010Based on the final well information combined with the 3D seismic data interpretation, OGX estimates recoverable oil volume of between 500 and 900 million barrels for all OGX-3's reservoirs.

Pride South Atlantic Gets New ICCP System
Monday, January 18, 2010Cathelco Brazil will provide a new retrofit cathodic protection system for the semisub drilling rig Pride South Atlantic.

OGX Spies Additional Hydrocarbons at Brazilian Well
Monday, December 28, 2009OGX has identified intervals with hydrocarbons in reservoirs of the Aptian and Barremian sections of the well 1-OGX-3-RJS, located at block BM-C-41, in shallow waters of the southern part of Campos Basin.

C.K. Cooper & Co Initiates Coverage of Pride International
Wednesday, December 23, 2009C. K. Cooper & Co has initiated coverage of Pride International Inc.

OGX Continues Winning Streak in Campos Basin
Friday, December 18, 2009OGX has identified an oil-bearing interval in the Albian section in the well 1-OGX-3-RJS, located on the BM-C-41 block, in the shallow waters of the southern part of the Campos Basin.

Head of Pride International Elected as 2010 IADC Chairman
Wednesday, November 11, 2009Pride International has announced that Louis A. Raspino, President and Chief Executive Officer, has been elected 2010 Chairman of the International Association of Drilling Contractors (IADC).

Pride Cites Seahawk Spin-Off as Significant 3Q Achievement
Thursday, October 29, 2009"Third quarter 2009 financial performance was characterized by a heavy schedule of planned shipyard time in our floating fleet, including two rigs that are our highest revenue generators," said Pride International's CEO Louis A. Raspino.

Seahawk CEO: Shallow Water GOM Viable, Company Growth Undeniable
Thursday, September 24, 2009The CEO of Seahawk Drilling, Randall D. Stilley, spoke with Rigzone about the new company's strategy for growth both within the GOM and internationally.

Petrobras Reports Offshore Oil Find in BM-S-7 to ANP
Thursday, September 17, 2009Petrobras has identified traces of oil at an offshore well, located in the BM-S-7 block of the Santos Basin.

Seahawk Drilling Reports Second Quarter 2009 Results
Tuesday, September 15, 2009Seahawk Drilling reported a loss from continuing operations of $8.8 million in the three months ended June 30, 2009 for the Gulf of Mexico business of Pride International, Inc.

Pride Cabinda Moves On from Plugged Well in Congo Basin
Tuesday, September 08, 2009The Liyeke Marine 1 well, spudded on August 22, 2009 in the Marine XI Block, located in the Congo Basin, offshore the Republic of Congo, was plugged and abandoned after reaching a total depth of 1,140 meters.

Pride Wraps Up Spinoff of Seahawk Drilling
Tuesday, August 25, 2009Pride International has completed the spin-off of Seahawk Drilling, Inc., a former wholly owned subsidiary of Pride that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico.

Pride Shuffles Executive Management
Monday, August 10, 2009Commenting on recent executive appointments at Pride International, President and CEO Louis A. Raspino stated, "We are very pleased to promote Ron Toufeeq, Greg Looser and Brady Long to positions of strategic importance to Pride."

Pride Spins Off Mat-Supported Jackup Segment
Wednesday, August 05, 2009Pride's Board has approved the spin-off of Seahawk Drilling, a wholly owned subsidiary of Pride that owns 20 mat-supported jackup rigs operating in the Gulf of Mexico.

Petrobras Spies Traces of Oil in BM-S-7 Block
Monday, August 03, 2009Brazil's National Petroleum Agency was notified late Friday that Petrobras discovered traces of oil at a recently drilled well in the offshore Santos Basin.

Pride Cites Strong Performance in Deepwater Segment for 2Q
Thursday, July 30, 2009"Highlighting our second quarter financial results was the strong performance in our deepwater segment, where both utilization and average daily revenues improved compared to the first quarter," said Pride's CEO Louis A. Raspino.

Deepwater Pride South Pacific to Continue Operations Offshore West Africa
Monday, July 27, 2009The deepwater semisubmersible rig Pride South Pacific has been awarded a one year contract by a subsidiary of Noble Energy for operations offshore West Africa.

Analysis: Pride Spins Deepwater Focus
Monday, July 27, 2009A strategic spin-off of lower-spec rigs helps to fortify Pride's deepwater strength while positioning a new company for GOM success.

Analysis: Focus on India - South Asia Rig Count Heats Up
Thursday, July 02, 2009Although historically India has not been as active as other regions in offshore E&P, the South Asian country has become a more popular locale for offshore drilling, as evidenced in the growing numbers of rigs working there.

Pride International Names New Drillships
Monday, June 29, 2009Pride International has named the four new ultra-deepwater drillships it has under construction.

Analysis: Saudi Aramco's Rig Appetite
Tuesday, June 23, 2009Saudi Aramco has announced plans to expand its production capacity by 20%. With a focus on its offshore fields, the company is likely to need to sign new jackup contracts to meet it goals.

Pride International Commences Public Offering of Senior Notes
Thursday, May 28, 2009Pride International has commenced an underwritten public offering, subject to market and other conditions, of senior notes under its existing shelf registration statement.

Pride International Prices Senior Notes Offering
Thursday, May 28, 2009Pride International has priced an underwritten public offering of $500 million aggregate principal amount of 8 1/2% Senior Notes due 2019.

Pride, Chevron Agree to Nix Pride Venezuela's Contract Offshore Angola
Monday, May 11, 2009Pride International has provided an update to the operating status of its midwater semisubmersible rig Pride Venezuela located in West Africa.

Pride International Posts Q1 Income from Continuing Operations
Thursday, April 30, 2009Pride International has reported income from continuing operations for three months ended March 31, 2009 of $156.5 million.

Delivery, Operations of Newbuilds Buoy Seadrill's '08 Revenues
Thursday, February 26, 2009Seadrill has reported preliminary consolidated revenues for 2008 of US $2,186 million as compared to revenues of US $1,676 million in the 2007 accounts.

BJ Services Develops Ultra-Deepwater Product for PS1 Drillship
Tuesday, February 24, 2009BJ Services Company has developed a new-generation, high-performance Seahawk cementing unit for installation onboard the PS1 drillship for BP operations in the Gulf of Mexico.

Seadrill Takes a Financial Hit from Contractor Investments
Monday, February 23, 2009After identifying losses of $687 million from investments in offshore drilling contractors, Seadrill will in its fourth quarter 2008 income statement recognize a loss of $35 million.

Pride Rides High on Big Profits, Buoyed by $8.6B Revenue Backlog
Thursday, February 19, 2009For the three months and year ended December 31, 2008, Pride International reports record levels for revenues and income from continuing operations.

VAALCO to Turn Taps on 2nd North Ebouri Producer in March
Tuesday, February 17, 2009VAALCO expects to complete and place on production a second successful development well in the offshore Gabonese Ebouri Field.

VAALCO Turns on Taps at New Ebouri Well Offshore Gabon
Tuesday, January 27, 2009Oil production has commenced from VAALCO's new development well in the Ebouri field offshore Gabon.

Two Successful Delineation Wells Extend Ebouri Field Offshore Gabon
Friday, January 09, 2009Successful delineation drilling has extended the Ebouri field offshore Gabon and will subsequently boost the Etame Marin license's production volume.

VAALCO Successfully Extends Ebouri Field with Development Drilling
Wednesday, December 31, 2008VAALCO has extended the Ebouri field with successful appraisal drilling and expects to ramp up production from the Etame license to 25,000 bopd by adding more development wells.

AETI Alliance Group to Service Brazilian Offshore Drilling, Marine Markets
Thursday, December 04, 2008American Electric Technologies will provide offshore services to the Brazilian offshore drilling and marine markets.