Jackup Pride Wyoming missing following Hurricane Ike

Offshore staff

HOUSTON -- Pride International's jackup Pride Wyoming is missing and expected to be a total loss following Hurricane Ike. The rig's last location was at Ship Shoal block 283, approximately 90 mi (145 km) south of Houma, Louisiana. All rig personnel were safely evacuated prior to the arrival of the storm.

The insured value of the rig is $45 million, with a $20 million loss retention, the company says. In addition, the company is fully insured for costs associated with the removal of wreckage, if necessary.

Air reconnaissance of the remaining rigs in Pride's US Gulf of Mexico fleet indicated no visible damage. The company has begun the process of boarding these units to conduct a more thorough inspection and to commence reactivation.

09/18/2008