Pride Carlos Walter Commences Operations

Pride International, Inc. announced that its newbuild semisubmersible Pride Carlos Walter has commenced operations offshore Brazil for Petrobras pursuant to a contract with an initial term of five years. The Pride Carlos Walter is a self-propelled, dynamically-positioned semisubmersible capable of operating in water depths of up to 5,000 feet.

The Pride Brazil, the sister rig to the Pride Carlos Walter, is currently completing acceptance testing for Petrobras in Brazil. The rig is expected to commence operations within the next few weeks pursuant to a separate five-year contract.

"The commencement of operations of the Pride Carlos Walter is an important milestone for Pride from both an operational and a financial standpoint," commented Paul A. Bragg, Pride's President and Chief Executive Officer. "With the imminent start of the Pride Brazil and our recent agreement with Petrobras to renew contracts for our two other semisubmersibles in Brazil, we are well established in this important deepwater market and well positioned to achieve attractive returns from our investments in these high specification deepwater rigs."