Amethyst 4 & 5

Pride International, Inc. announced that a 30%-owned affiliate has completed financing arrangements for both construction period and mortgage period financing relating to the construction of two Amethyst class semisubmersible drilling rigs. The facilities, in the aggregate amount of approximately $300 million, are guaranteed by the “MARAD”. The two rigs, Amethyst 4 and Amethyst 5, are currently under construction at the TDI Halter shipyard in Pascagoula, Mississippi and are contracted to Petroleo Brasileiro S.A. (“Petrobras”) for operation offshore Brazil for periods of six years and eight years, respectively. The total cost of the vessels is estimated to be approximately $340 million.