Pride International Reduces Debt by $300 Million

Pride International, Inc. (NYSE: PDE) has reduced outstanding debt during the fourth quarter of 2004 by approximately $260 million, of which approximately $70 million was attributable to previously announced asset sales. Success in the Company's efforts to reduce working capital, as well as cash flow from operations, accounted for approximately $190 million of debt repayment during the quarter. For the full year 2004, the Company repaid approximately $300 million in debt, including approximately $70 million from asset sales.

Paul A. Bragg, the Company's President and Chief Executive Officer stated, "We are pleased with the recent significant progress in our debt reduction program. By maintaining our intense focus on balance sheet management, along with our anticipation of additional asset sales, we remain optimistic that we will achieve our debt repayment target of a total of $400 million in the near future."