Pride Wins More PEMEX Contracts

Pride International has been awarded six new contracts by a unit of Petroleos Mexicanos, S.A. (PEMEX), increasing its contract backlog by approximately $220 million. The work consists of renewal contracts for one jackup rig and one platform rig currently operating in Mexico and new contracts on an incremental three jackup rigs and one platform rig that will be mobilized from the U.S. Gulf of Mexico.

Pride was awarded renewal contracts for the Pride Wisconsin, currently contracted through mid-December 2003, for 1,117 days through December 2006, and for Rig 1002, currently contracted until July 1, 2003, for 549 days through December 2004. Combined revenues from these two contracts will be approximately $51 million.

Pemex also awarded Pride new contracts for the Pride Tennessee, a 300-foot, independent-leg cantilever jackup rig, for 1,086 days and the Pride Alabama and Pride Colorado, which are 200-foot, mat-supported cantilever jackups, for 1,461 days and 1,358 days, respectively. In addition, Pride was awarded a new contract for Rig 1003, a 1,000-horsepower platform rig, for 730 days. Combined revenues from these four contracts will be approximately $172 million. All of these rigs will be mobilized from the U.S. Gulf of Mexico to the Bay of Campeche and commence operations during July 2003. With the new deployments, Pride's fleet in Mexico increases to 16, consisting of 12 jackups, three platform rigs and one semisubmersible.