Pride International Sells Jackup

Pride International has been informed by its French subsidiary Pride Foramer S.A.S. that Foramer has sold the Energy Explorer IV (Pride Ohio) and received $40 million in cash. Proceeds from the transaction will be used to further reduce debt. The rig was sold to Aban Loyd Chiles Offshore, Ltd. and will renamed Aban VI.

The Pride Ohio is 250' independent-leg cantilever jackup and is currently operating in the Persian Gulf on a three-year contract.