Pride International lifts stake in Angolan JV

By OGJ editors
HOUSTON, Dec. 21 -- Pride International Inc. acquired from Angola's state-owned Sonangol an additional 40% interest in a joint venture owning drillships and platform rigs. The purchase price was $175 million.

Pride International of Houston now owns 91% of the joint venture, and Sonangol owns 9%.

The joint ventures owns the ultradeepwater drillships Pride Africa and Pride Angola and the 300-ft independent-leg cantilever jack up Pride Cabinda. It also holds management agreements for the deepwater platform rigs Kizomba A and Kizomba B.

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