Pride International Expands Presence in Strategically Important Ultra-Deepwater Gulf...

Pride International Expands Presence in Strategically Important Ultra-Deepwater
Gulf of Mexico With Award of Five-Year Contract

HOUSTON, Jan. 29, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE)
today announced that the company will expand its deepwater drilling operations
and its geographic reach in deepwater drilling basins to the strategically
important U.S. Gulf of Mexico following the award of a five-year contract from a
subsidiary of BP. The contract award is for Pride's advanced capability,
ultra-deepwater drillship that is scheduled for delivery during the first
quarter of 2010 and is currently in the early stages of construction at the
Samsung Heavy Industries Co. Ltd. (SHI) shipyard in Geoje, South Korea. The
drillship is scheduled to be the first of three ultra-deepwater units to be
added to the Pride International fleet beginning in 2010 and constructed at the
SHI shipyard. Following the rig's arrival, the company will have a presence in
the world's three established deepwater drilling regions -- Brazil, West Africa
(Angola) and the U.S. Gulf of Mexico.

The five-year contract is expected to commence during the third quarter of 2010,
following the completion of shipyard construction, mobilization of the rig to
the U.S. Gulf of Mexico and customer acceptance testing. Revenues that could be
generated over the five-year contract term, excluding revenues for the
reimbursement of costs associated with the mobilization of the rig, are
approximately $876 million. The contract also provides for a cost escalation
provision from the signing date of the contract through the five-year term.

The rig will be one of the most advanced ultra-deepwater drilling and
completions units in the offshore industry, capable of drilling in water depths
of up to 12,000 feet (equipped for 10,000 feet) and drilling to a total vertical
depth of up to 40,000 feet, while offering a variable deck load of 20,000 metric
tons, dynamic positioning in compliance with DPS-3 certification, expanded
drilling fluids capacity, a 1,000 ton capacity top drive and living quarters for
up to 200 personnel. The rig is being modified from the original design to
improve on its already extensive off-line operational capabilities. Primary to
these modifications is the addition of a 160-metric ton active-heave compensated
construction crane that allows the rig to perform subsea construction
activities, such as the placement of production trees and manifolds in up to
10,000 feet of water without obstructing the critical path of drilling deepwater
wells, an additional 3,000 feet of marine riser and a corresponding increase in
riser tensioning capacity. Including the modifications to the rig's technical
features, commissioning and system-integrated testing, the company has revised
the estimated cost to construct the rig to approximately $730 million, excluding
capitalized interest, and expects to fund the construction of the unit with
available cash and borrowings.

Louis A. Raspino, President and Chief Executive Officer of Pride International,
Inc., stated, "By contracting to BP the first to be completed of our three
announced ultra-deepwater drillship additions, we have partnered with one of the
world's premier and most successful international ultra-deepwater exploration
and production companies and a leader in the use of deepwater, dynamically
positioned drilling rigs. We will also build upon an already successful
relationship involving our deepwater management business, where Pride personnel
provide drilling services on three of BP's deepwater production facilities in
the Gulf of Mexico. This business will continue to serve as a base for the
development of deepwater drilling and operations talent and should add to our
ability to provide the best technically trained personnel available for the new,
ultra-modern drillship. In addition, and equally important, this contract award
provides us an operating presence in the strategically significant deepwater
Gulf of Mexico market sector, where new and effective technologies are expanding
the offshore frontier and creating numerous long-term drilling opportunities.
These opportunities add to those we see in Brazil and Angola, where the company
already has well established and successful deepwater drilling operations."

In closing, Raspino added, "The modified nature of this technically advanced
drillship provides an expanded suite of field development capabilities for our
customers that few rigs in the mobile offshore drilling fleet can offer.
Utilizing the drilling and extensive offline operations in parallel with the
subsea completion capabilities, which are complemented by the active-heave
compensated crane, creates drilling and completion efficiencies and tangible
value that our clients desire and should advantageously position us to address
additional offshore drilling opportunities for years to come."

Pride International, Inc., headquartered in Houston, Texas, is one of the
world's largest offshore drilling contractors, operating a fleet of 67 rigs,
including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 13
tender-assist and platform rigs, five managed deepwater rigs and seven Eastern
Hemisphere-based land rigs. The company has three ultra-deepwater drillships
under construction and has announced an agreement to sell its three
tender-assist rigs.

The Pride International, Inc. logo is available at
http://www.primenewswire.com/newsroom/prs/?pkgid=3388

Statements regarding expected shipyard delivery dates, contract commencement
date, contract revenues expected to be generated, estimated cost of
construction, expected source of funds, as well as any other statements that are
not historical facts, are forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. These
forward-looking statements are subject to certain risks, uncertainties and
assumptions identified above or as disclosed from time to time in the company's
filings with the Securities and Exchange Commission. As a result of these
factors, actual results may differ materially from those indicated or implied by
such forward-looking statements.

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CONTACT: Pride International, Inc.
Analyst & Media Contact:
Jeffrey L. Chastain
(713) 917-2020