Louis A Raspino News

Pride International, Inc. (NYSE: PDE) announced that the company has reached agreement with Samsung Heavy Industries, Ltd. (SHI) for the construction of a fifth ultra-deepwater drillship, further expanding the company's ultra-deepwater fleet size and drilling capabilities. Consistent with the company's previous four ultra-deepwater drillships ordered since 2007, the new unit will be constructed on a fixed price basis at the SHI shipyard in Geoje, South Korea, with an expected delivery in mid-2013. The rig will be equipped with some of the most technically advanced well construction features available in the offshore drilling industry…

Pride International, Inc. (NYSE: PDE) announced the dedication of the second of its four new deepwater drillships under construction by Samsung Heavy Industries in South Korea, the Deep Ocean Clarion. The company is expected to take delivery of the rig in September 2010, followed by the mobilization of the rig to the U.S. Gulf of Mexico where it is expected to commence operations in the first quarter of 2011 under a five year contract with BP. In a shipyard ceremony, Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., commented, "The addition of the Deep Ocean Clarion to our fleet further strengthens Pride's presence in the deepwater. These drillships represent the best, most technologically advanced generation of rigs.

At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L. Captain Ali M. Belhag, Chairman, GNMTC – General National Maritime Transport Co. Joseph L. Takatoshi Funada, President, Funada Kaiun Co., Ltd. Kevin M.

Pride International, Inc. (NYSE: PDE) reported income from continuing operations for the three months ended June 30, 2009 of $121.8 million, or $0.69 per diluted share. The second quarter results compared to income from continuing operations of $153.1 million, or $0.87 per diluted share, for the corresponding three months in 2008. Results for the second quarter of 2008 included a net after-tax gain of $11.8 million, or $0.07 per diluted share, relating primarily to the sale of the company's platform rig fleet. Revenues during the second quarter of 2009 totaled $500.7 million compared to $541.5 million during the second quarter of 2008. Louis A.

Pride International is continuing the expansion of its deepwater fleet, following a multi-year contract award from a subsidiary of Petroleo Brasileiro S.A. (Petrobras) for the construction and operation of an advanced-capability, ultra-deepwater drillship in support of Petrobras's international exploration and development drilling projects. The ultra-deepwater drillship, to be built at the Samsung Heavy Industries, Co. Ltd. (SHI) shipyard in Geoje, South Korea on a fixed-price basis…