Pride awarded Two Mexican Gulf Contracts From Pemex

Pride International, Inc has been awarded contracts for two Gulf of Mexico jackups by Pemex. The Pride Wisconsin and Pride California are being contracted for an aggregate of 1,641 days, with a total contract value in excess of $60 million. The two rigs, which are in addition to the three Pride jackups contracted by Pemex in March 2002, are expected to commence operations by mid-August 2002.

The Company also announced that the Pride South Carolina has commenced operations under a 1,338 day contract with Pemex awarded in March 2002. The rig joins the Pride Nevada and Pride Louisiana, which have been operating off Mexico since April.

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