|Thursday, November 11, 1999
Pride International, Inc. announced that the Pride Africa, an ultra-deepwater drillship owned indirectly by its 51% owned subsidiary, Sonamer Angola Ltd., sustained damage to certain of its drilling equipment. The ship's top drive drilling system and drilling line were damaged and its blowout prevention equipment fell to the sea floor along with a limited amount of riser, in approximately 5,400 feet of water. Currently, it is not known whether the BOP equipment will be recoverable or repairable. There has been no damage to the vessel's hull or marine systems and it is not believed that any other significant drilling components were damaged. No personnel from the ship were injured. The Company stated that an investigation is currently underway to determine the extent of the damages. Plans are being made to install replacement equipment so that operations may be resumed, however, the timing to accomplish such is not presently known. The equipment was damaged as the BOP was being removed from the sea floor and not during drilling operations; accordingly, no well or environmental damage occurred. The Company stated that it is insured with respect to the equipment and interruption of operations, subject to normal deductibles.