By OGJ editors
HOUSTON, July 1 -- Pride International Inc., Houston, has signed two 5-year contracts totaling $600 million with Petroleo Brasileiro SA (Petrobras) to operate four Amethyst-class deepwater semisubmersibles off Brazil.
The Pride Rio de Janeiro and the Pride Portland, both 5,500 ft water depth, dynamically positioned rigs, are operated by Pride and owned by a joint venture in which Pride holds a 30% stake. Pride expects to receive an additional $9,000/rig/day in fees from the joint venture for management of the two rigs.
The rigs are scheduled to begin contract operations in October.
Pride also has signed 2-year extensions for existing contracts with Petrobras for the Pride Carlos Walter and the Pride Brazil, 5,000 ft water depth, dynamically positioned semis. The extensions represent revenues of $230 million, including performance bonus opportunities.
The contracts new terms begin in June 2006 and extend through June 2008.
