Pride Extends Option for Construction with Samsung Heavy

Pride has reached agreement with Samsung Heavy Industries, Ltd. to extend Pride's option for the construction of a sixth ultra-deepwater drillship by 30 days. The extension of the option period does not impact the estimated unit construction cost or delivery schedule determined in December 2010, upon the order by Pride of a fifth ultra-deepwater drillship. The option may be exercised by the company on or before April 30, 2011, unless further extended on mutually agreed terms.