Pride International Says Pride 210 Damaged During Hurricane Katrina

Pride International says following a preliminary inspection of its U.S. Gulf of Mexico fleet, its 10 jackups and four of five platform rigs suffered no significant damage from Hurricane Katrina and are returning to work. The hurricane passed through the eastern edge of the Company's operating areas, and the rigs had been secured and all personnel evacuated in accordance with its standard safety procedures.

Platform Rig 210, located in West Delta 73, sustained damage to its mast and related equipment. Initial repair estimates are in progress to determine whether the rig will be repaired and returned to service or replaced with an existing idle platform rig. The net book value of the rig is less than $1 million.

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