Pride earns rig contract extensions

Petroleo Brasileiro S.A has awarded Pride International contract extensions for the deepwater, dynamically positioned semisubmersible rigs Pride Rio de Janeiro and Pride Portland.

Offshore staff

HOUSTON -- Petroleo Brasileiro S.A has awarded Pride International contract extensions for the deepwater, dynamically positioned semisubmersible rigs Pride Rio de Janeiro and Pride Portland.

The six-year contract extensions are expected to begin during late 2010 to early 2011. The estimated total contract revenue is $1.5 billion.

The two semisubmersibles have operated offshore Brazil for Petrobras since entering service in 2004. Both units are expected to continue operations in the region throughout the extension period.

02/27/2008

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