Pride Commences Pemex Contracts

Pride International, Inc. announced that two of its three jackups contracted by Pemex have commenced operations in Mexico today. The Pride Nevada and Pride Louisiana are contracted for a period of approximately four years each. A third jackup similarly contracted, the Pride South Carolina, is expected to mobilize to Mexico and commence operations by early July.

"We are extremely pleased by the rapid preparation, mobilization and acceptance of the first two rigs for this project," said Paul A. Bragg, President and CEO of Pride. "Our selection by Pemex occurred just a month ago, and our preparation work has been accomplished on a fast-track basis. We view near-term opportunities with Pemex as significant and look forward to expanding our work in the Mexican market."