Pride Names Leadership Team for Latin American Business

Pride International, Inc. announced the appointment of K. George Wasaff to the position Chief Executive Officer for Latin America Land and E&P Services, and he is expected to join the Company near the end of the month. James M. Mitchell also has joined the Company as Chief Financial Officer for Latin America Land and E&P Services. In addition, Carlos F. Etcheverry, previously Vice President -- E&P Services, was recently named Chief Operating Officer for Latin America Land and E&P Services.

Since 2005, Mr. Wasaff has been employed by Ashmore Energy International as Executive Vice President responsible for worldwide operations and Senior Vice President of Operations and Administration of Prisma Energy. Mr. Wasaff was previously employed by Enron Corporation from 1986-2005 in a variety of roles, including Senior Vice President, Wholesale Operations of South America, Vice Chairman and Chief Executive Officer of Transportadora de Gas del Sur S.A., Country Manager and Vice President, Mexico and, most recently, Managing Director, Corporate Services and member of the Management Committee. Prior to that, Mr. Wasaff was a marketing manager for El Paso Natural Gas Company.

Mr. Mitchell joins the Company from Grant Prideco, Inc., where he has been employed since 1999, most recently as Treasurer, after holding positions with responsibility for tax and corporate development. Prior to that, Mr. Mitchell was employed by Azurix, Inc. from 1998 to 1999 as Director of International Tax, and EVI, Inc. from 1997 to 1998 as Director of Tax. Mr. Mitchell started his career with six years at Arthur Andersen LLP, rising to International Tax Manager.

Mr. Etcheverry joined the Company in 2002 and has served as Vice President -- E&P Services since 2005. Previously, Mr. Etcheverry was employed by Halliburton Company, where he served as country manager, Argentina and Business Development Manager.

Louis A. Raspino, President and Chief Executive Officer, commented, "We are pleased to have George, Jay and Carlos lead our Latin America Land and E&P Services management team. Together, they have substantial energy sector, capital markets and corporate infrastructure building experience, with a sharp focus on Latin America. With these appointments, we continue to make steady progress in the preparation for the disposition of our Latin America Land and E&P Services businesses as we transition to a more focused offshore drilling company."

Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest drilling contractors. The Company provides onshore and offshore drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 18 tender-assisted, barge and platform rigs, and 217 land rigs.