Pride Takes Remaining 9% Interest in Angolan Joint Venture

Pride International has acquired the remaining nine percent interest in its Angolan joint venture company from a subsidiary of Sonangol, the national oil company of Angola. The joint venture owns the two deepwater drillships Pride Africa and Pride Angola and the 300 ft. independent-leg jackup rig Pride Cabinda, and holds management agreements for the deepwater platform rigs Kizomba A and Kizomba B. The acquisition increases Pride's ownership in the three mobile offshore drilling units and the two management agreements, along with related working capital, to 100 percent. Cash consideration in the transaction of $45 million was paid with cash on hand and borrowings under the company's revolving credit facility.

The transaction brings Pride's total investment in high specification, deepwater drilling rigs, including commitments to construct two ultra-deepwater drillships, to just over $2 billion since late 2005.

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, 16 tender-assist, barge and platform rigs, five managed deepwater rigs and 214 land rigs. The company has two additional ultra-deepwater drillships under construction with expected deliveries in 2010. The company has reached a definitive agreement to sell its Latin America-based land drilling and workover rigs, two lake drilling barges and E&P Services business with an expected closing by the end of the third quarter of 2007. In addition, the company has announced an agreement to sell its three tender-assist rigs, with an expected closing in early 2008.