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May 7, 2008
Pride To Sell Platform Rig Fleet For $66MM

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Blake International LLC plans to acquire the fleet of platform rigs and related equipment of offshore drilling contractor Pride International Inc., Houston, (NYSE: PDE) for $66 million in cash.


The fleet consists of eight units in the Gulf of Mexico, of which four are under contract, two units are under contract in Mexico, and two are retired.


The sale is consistent with Pride's stated strategic direction to focus its offshore drilling operations in deepwater and other high-specification assets. The closing is expected before July 15.

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