Two More Pride Rigs Commence Operations Offshore Mexico

Pride International, Inc. reports that the Pride Nebraska and Pride Alaska have commenced operations in the Bay of Campeche, Mexico, under contract with Pemex. The Pride Nebraska is contracted to Pemex through January of 2006 and the Pride Alaska's contract runs through July, 2005.

With the commencement of these contracts, Pride is now operating a fleet of 12 offshore rigs in Mexico, consisting of nine jackups, one semisubmersible and two platform rigs. In total, these 12 rigs are contributing approximately $145 million in annualized revenues.