Pride Portland Begins Petrobras Contract Offshore Brazil

Pride International announced today that the Amethyst-class deepwater semisubmersible Pride Portland, a newly constructed 5,700 foot water depth, dynamically-positioned semisubmersible, was accepted for commencement of operations on October 31 offshore Brazil. The rig is operated by the Company and owned by a joint venture of which Pride owns 30%. The Pride Portland and its sister rig, the Pride Rio de Janeiro each have five-year contracts from Petroleo Brasileiro S.A. (Petrobras) for work offshore Brazil with combined contract value of approximately $600 million, including mobilization and performance bonus opportunities.

Louis Raspino, President and Chief Executive Officer, commented, "We are pleased to announce the acceptance of this unit for operations as a continuation of the drilling services we provide Petrobras and the long-term commitment we have to deepwater operations in Brazil."
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit