Pride International Prices Senior Notes Due 2014

Pride International, Inc. (NYSE: PDE) has entered into an agreement, subject to standard closing conditions, for the sale of $500 million principal amount of 7 3/8% Senior Notes due 2014. The notes will be senior unsecured obligations of Pride. The sale of the notes is expected to close on July 7, 2004.

The net proceeds from this offering will be used to retire Pride's outstanding 9 3/8% Senior Notes due 2007 and 10% Senior Notes due 2009, including the applicable premium and accrued and unpaid interest, and Pride's outstanding 9% Senior Convertible Notes due December 2004, and unpaid interest.

The notes being sold by Pride will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person absent registration or an applicable exemption from registration requirements.