Pride to Sell Platform Rig Fleet

Pride International has entered into a definitive agreement to sell its fleet of platform rigs and related equipment to Blake International, LLC for $66 million in cash. The platform rig fleet consists of eight units in the U.S. Gulf of Mexico, of which four are under contract, two units under contract in Mexico and two units previously retired from service. The sale is expected to close on or before July 15, 2008, subject to certain closing conditions.

The sale of the platform rig fleet 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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