Blake International Acquires Pride Platform Rig Fleet

Blake International, LLC has entered into a definitive agreement to acquire 12 platform drilling and workover rigs and related equipment from Pride International for $66 million in cash. The purchase includes rigs in the U.S. Gulf of Mexico and offshore Mexico. The sale is expected to close on or before July 15, 2008, subject to certain closing conditions.

Blake International and its subsidiaries are wholly owned by Michael E. Blake. Blake will seek to retain nearly all of the platform work force both on and offshore. Blake will continue to operate out of the 44-acre facility located in Houma, La., that it also purchased in this acquisition. Michael Blake is also the managing partner of Blake Offshore, LLC. Blake Offshore operates a fleet of (6) Jackup drilling rigs in the US Gulf including (4) Drilling units, (1) self-propelled workover and (1) Mobile Offshore Production Unit (MOPU).

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