Pride International Commences Public Offering of Senior Notes

Pride International has commenced an underwritten public offering, subject to market and other conditions, of senior notes under its existing shelf registration statement previously filed with the Securities and Exchange Commission. The notes will bear interest at a fixed rate.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include payments with respect to its four drillships under construction and other capital expenditures.

In connection with the notes offering, Goldman, Sachs & Co., Citigroup Global Markets Inc., Banc of America Securities LLC and Wachovia Capital Markets, LLC are acting as joint book-running managers, and BNP Paribas Securities Corp., Howard Weil Incorporated, Natixis Bleichroeder Inc. and UniCredit Capital Markets, Inc. are acting as co-managers.

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