Pride acquires remaining interest in Angolan JV

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.

8/23/2007

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