Pride International Prices Public Offering of Common Stock

Pride International, Inc. (NYSE: PDE) has entered into an underwriting agreement, subject to standard closing conditions, with Lehman Brothers Inc., as sole underwriter, for the sale of 5,976,251 shares of its common stock at a price to Pride of $20.68 per share. The shares are being resold by Lehman Brothers Inc. to the public under Pride's existing shelf registration statement. The sale of the shares is expected to close on May 24, 2005.

The proceeds to Pride from this offering will be used to repurchase 5,976,251 shares of its common stock held by three investment funds, First Reserve Fund VII, Limited Partnership, First Reserve Fund VIII, L.P. and First Reserve Fund IX, L.P., at a price per share equal to the proceeds per share that Pride receives from the offering. Accordingly, there will be no increase in the total number of outstanding Pride shares.

A final prospectus supplement and accompanying base prospectus relating to the public offering will be filed with the Securities and Exchange Commission and, when available, may be obtained from the offices of Lehman Brothers Inc. c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11714; email:; fax: (631) 254-7268.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of the final prospectus supplement and related base prospectus.