Pride International Receives Semisubmersible Rig Contract

Pride International has been awarded a one-year contract by OGX Petroleo e Gas Participacoes SA for the midwater semisubmersible rig Pride Venezuela. The contract, for drilling services offshore Brazil, is expected to commence in the third quarter of 2010 following mobilization of the rig from Dubai where it is completing a repair and maintenance program.

The Venezuela joins the Sea Explorer, a Pride midwater semisubmersible also under contract to OGX. Revenues which could be generated over the one-year term of the Venezuela contract total approximately $71 million. While the Venezuela and Sea Explorer are working concurrently, the rate for the Venezuela will increase to $265,000 a day, while the rate for the Sea Explorer will be adjusted to $265,000 from $335,000.

The Pride Venezuela is one of six midwater semisubmersibles in the Pride International fleet. The rig is a conventionally moored unit, and is capable of operating in water depths of up to 1,500 feet.

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