Pride International Unloads Platform Rig Fleet for $66M

Pride International, Inc. reported that the company has completed the previously announced sale of its platform rig fleet to Blake International, LLC for $66 million in cash. 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 three ultra-deepwater drillships and other future growth opportunities.

Pride International, Inc., operates a fleet of 54 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The company also has three ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.