Pride's Mexico Based Fleet Sees No Damages Following Hurricane Dean

Pride International reported no damage to its fleet of 12 jackup and three platform rigs operating in the Mexican waters of the Gulf of Mexico and in the path of Hurricane Dean. All Pride personnel were safely evacuated before the arrival of the storm, and the company has reboarded start-up crews. Operations on each rig are expected to resume early this week.

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.