Pride International Prices Senior Notes Offering

Pride International has priced an underwritten public offering of $500 million aggregate principal amount of 8 1/2% Senior Notes due 2019 under its effective shelf registration statement previously filed with the Securities and Exchange Commission. The public offering price was 99.641% of the principal amount of the notes. The offering is expected to close on June 2, 2009, subject to the satisfaction of customary closing conditions.

The Company may elect to redeem any or all of the notes at any time prior to maturity at a redemption price equal to the principal amount of the notes redeemed plus accrued but unpaid interest and a "make-whole premium." The notes will be senior unsecured obligations of the Company.

The Company expects 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.