Pride Wins Deepwater Semisub Contracts from Petrobras

Pride International has signed contracts to operate its four Amethyst-class deepwater semisubmersibles in Brazil. The Pride Rio de Janeiro and the Pride Portland, 5,500 foot water depth, dynamically-positioned semisubmersibles, are operated by the Company and owned by a joint venture of which Pride owns 30%. Both rigs received five-year contracts from Petroleo Brasileiro S.A. (Petrobras) for work offshore Brazil with total contract value of approximately $600 million, including mobilization and performance bonus opportunities.

The contracts for the Pride Rio de Janeiro and the Pride Portland include a base dayrate of $141,750 and a 15% performance bonus potential plus mobilization amortization, for a maximum possible dayrate of approximately $164,000. In addition, Pride expects to receive approximately $9,000 per rig, per day in fees from the joint venture in connection with the Company's management of the two rigs. The Company currently anticipates both rigs to commence contract operations during October 2005 following client acceptance.

Additionally, Pride has signed extensions of the existing contracts with Petrobras for the Pride Carlos Walter and the Pride Brazil, 5,000 foot water depth, dynamically-positioned semisubmersibles. These extensions represent potential contract revenues of $230 million, including performance bonus opportunities. The contracts extend two years through June 2008 at a base dayrate of $137,000 plus a 15% performance bonus potential, for a maximum possible dayrate of approximately $157,000, with the new terms commencing June 2006.

Kevin C. Robert, Vice President -- Marketing commented, "We have enjoyed an excellent relationship with Petrobras, and these contracts allow Pride to expand our services in Brazil to six semisubmersibles on a long-term basis."
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