Pride Receives Contract Extensions for Two Drillships

Pride International's Angolan subsidiary Sonamer Limited (a joint venture with Sonangol) has received contract extensions for the ultra-deepwater drillships Pride Africa and Pride Angola from Total E&P Angola. The contract extensions are for an aggregate of 10 years, commencing at the end of the contracts' current terms in mid-2005. Combined revenues from the contract extensions are expected to be approximately $610 million over the aggregate period.

"We appreciate the confidence expressed by our customer in extending these contracts, and we are pleased to be able to continue operating our drillships for Total through at least 2010," commented Paul A. Bragg, President and Chief Executive Officer.