Pride International Sells Three Tender Rigs

Pride International has signed a memorandum of agreement to sell its fleet of three self-erecting, tender-assist rigs to Ferncliff TIH AS of Norway for $213 million in cash. The sale is expected to close by January 2008, subject to the novation of drilling contracts on each unit and other customary closing conditions. Proceeds from the sale are expected to be utilized for general corporate and strategic purposes, including potential funding for the construction of the company's two ultra-deepwater drillships and other future growth opportunities.

The three tender-assist units, the Al Baraka I, Alligator and Barracuda, are currently under contract to major international oil and gas companies and operating offshore West Africa. The sale of the units is consistent with Pride's stated strategic direction to focus its offshore drilling operations in deepwater and other high specification assets.

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