Pride International Announces Organizational Change

Pride International announced the departure of John C. G. O'Leary, its President. The Company's action was due primarily to strategic differences between Mr. O'Leary and other senior executive management as well as the board of directors over the Company's decision to discontinue entering into construction projects for rigs to be owned by others and to other management style issues.

Paul A. Bragg, the Company's Chief Executive Officer, will assume the additional position of President. Mr. Bragg has previously held the position of President from 1997-2003 and was both Chief Executive Officer and President of the Company from 1999-2003.