Blake to buy Pride platform rigs for $66 million

By OGJ editors
HOUSTON, May 14 -- Pride International Inc., Houston, signed a definitive agreement to sell its fleet of platform rigs and related equipment to Blake International LLC for $66 million.

The platform rig fleet consists of eight units in the US Gulf of Mexico, four of which are under contract; two units under contract in Mexico; and two units previously retired from service. The sale is expected to close by July 15, subject to certain conditions.

The sale of the platform rig fleet is consistent with Pride's stated strategy to focus its offshore drilling operations in deepwater and other high-specification assets.

Pride is one of the world's largest offshore drilling contractors, operating a fleet of 64 rigs, including 2 deepwater drillships, 12 semisubmersible rigs, 28 jack ups, 10 platform rigs, 5 managed deepwater rigs, and 7 Eastern Hemisphere-based land rigs. The company also has three ultradeepwater drillships under construction, with expected deliveries in 2010 and 2011.

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