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February 27, 2008 |
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PRIDE INTERNATIONAL: Closes Sale of Three Rigs for US$213 Mil. Pride International Inc. has completed the previously announced sale of its three self-erecting, tender-assist rigs, the Al Baraka I, Alligator and Barracuda, for US$213 million in cash. Proceeds from the sale are expected to be utilized for general corporate and strategic purposes, including potential funding for the construction of the company's three ultra-deepwater drillships and other future growth opportunities. About Pride International Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/ -- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2007, Standard & Poor's Ratings Service raised its corporate credit rating on offshore contract drilling firm Pride International Inc. to 'BB+' from 'BB'. At the same time, S&P raised the rating on the company's unsecured debt to 'BB+' from 'BB-'. S&P said the outlook is stable. |
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