PDE $43.14 Pride International, Inc. Announces Agreement to Sell Platform Rig Fleet
Tuesday May 6, 6:55 pm ET
HOUSTON, May 6, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE - News) today announced that it has entered into a definitive agreement to sell its fleet of platform rigs and related equipment to Blake International, LLC for $66 million in cash. The platform rig fleet consists of eight units in the U.S. Gulf of Mexico, of which four are under contract, two units under contract in Mexico and two units previously retired from service. The sale is expected to close on or before July 15, 2008, subject to certain closing conditions.
The sale of the platform rig fleet is consistent with Pride's stated strategic direction to focus its offshore drilling operations in deepwater and other high specification assets.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 64 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The Company also has three ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.
