Pride International Inc. has acquired the remaining 9% interest in its Angolan joint venture company from a subsidiary of national oil company Sonangol.
Offshore staff
HOUSTON -- Pride International Inc. has acquired the remaining 9% interest in its Angolan joint venture company from a subsidiary of national oil company Sonangol. The JV owns deepwater drillships Pride Africa and Pride Angola and the 300-ft (91-m) independent-leg jackup rig Pride Cabinda. The JV also holds management agreements for the deepwater platform rigs Kizomba A and Kizomba B.
This acquisition increases Pride's ownership in the three mobile offshore drilling units and the two management agreements to 100%.
The transaction brings Pride's total investment in high-specification, deepwater drilling rigs, including commitments to build two ultra deepwater drillships, to just over $2 billion since late 2005.
