Pride to sell three-rig tender-assist fleet

Offshore staff

HOUSTON -- Pride International Inc. has signed a memorandum of agreement to sell its fleet of three self-erecting, tender-assist rigs to Ferncliff TIH AS of Norway for $213 million in cash. The sale is expected to close by Jan. 2008.

The three tender-assist units, theAl Baraka I, Alligator, and Barracuda, are operating offshore West Africa under contract to major international oil and gas companies.

The sale of the units is consistent with Pride's stated strategic direction to focus its offshore drilling operations in deepwater and other high specification assets, Pride says.

8/13/2007