Pride International Awarded One Year Contract for Deepwater Semisubmersible Rig Pride South Pacific

HOUSTON, TX--(Marketwire - July 27, 2009) - Pride International, Inc. PDE today announced that its deepwater semisubmersible rig, Pride South Pacific, has been awarded a one year contract by a subsidiary of Noble Energy, Inc. NBL for operations offshore West Africa. The contract is expected to commence during the first quarter of 2010, in direct continuation of the rig's current contract commitment offshore West Africa and a scheduled shipyard program to be executed in Cape Town, South Africa. The one year contract duration could be extended by up to three months on the same terms and conditions following notification by the customer, which would be provided within the initial six months of the contract.

Revenues which could be generated over the firm one year contract duration are approximately $117.2 million, excluding revenues for mobilization, demobilization and client reimbursables.

The Pride South Pacific is one of eight deepwater semisubmersibles and drillships in the Pride International fleet. The rig, which completed a significant upgrade in 1998, utilizes a conventional chain and wire mooring system. The rig's current equipment configuration allows for operations in water depths of up to 5,000 feet.

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 with expected deliveries in 2010 and 2011.

Statements regarding the expected duration of the client's contract, the timing of contract commencement, aggregate revenues, expected shipyard deliveries, 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.