Pride International, Inc. Announces Names of New Drillships

Tuesday, Jun 30, 2009

Pride International, Inc. today announced that it has named the four new ultra-deepwater drillships it has under construction. With delivery of the first ship scheduled for early 2010, the company is naming the new vessels after major subsea features that occur in some of the deepest areas of the oceans.

Louis A. Raspino, President and Chief Executive Officer of Pride International, commented, "These new drillships are a key element of Pride's transformation to a premier floating rig company. Once operational, they will offer leading-edge capabilities required for accessing an increasing number of deepwater geologic structures."

The drillships and anticipated delivery are as follows:

Deep Ocean Ascension (formerly PS1) - First Quarter 2010
Deep Ocean Clarion (formerly PS2) - Third Quarter 2010
Deep Ocean Mendocino (formerly PS3) - First Quarter 2011
Deep Ocean Molokai (formerly PS4) - Fourth Quarter 2011

Capable of working in water depths of up to 12,000 feet, the first three ships have been contracted by BP (Deep Ocean Ascension and Deep Ocean Clarion) and Petrobras (Deep Ocean Mendocino).

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 44 rigs, including two deepwater drillships, 12 semisubmersible rigs, 27 jackups and three managed deepwater rigs. The Company also has four ultra-deepwater drillships under construction.

Statements regarding the expected shipyard deliveries, as well as any other statements that are not historical facts in the report 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.

 

Source: Pride International