Pride International Inks Long Term Contracts for Two Jackups

Pride International has contracted to operate its 250 ft. mat-supported cantilever jackup Pride Missouri in the U.S. Gulf of Mexico for a one-year term at $90,000 per day for the first 90 days commencing late first quarter 2006, with the rate indexed at 90-day increments following the initial term. In addition, the Company signed a one-year term contract for the 200 ft. mat-supported cantilever jackup Pride Florida at a dayrate to be determined every 90 days by an indexing mechanism commencing late first quarter 2006. At current market conditions, the rate would be $85,000 per day.

Louis Raspino, President and Chief Executive Officer commented, "We are pleased to announce these new contracts which reflect our continuing efforts to secure longer-term contracts in the Gulf of Mexico with indexed pricing that retains our exposure in that market."

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