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Business Description
Pride International Inc. provides contract drilling services to oil and gas exploration and production companies through the use of mobile offshore and land-based drilling rigs in both United States offshore and international land and offshore markets. As of March 1, 2004, Pride operated a global fleet of 327 rigs, including two ultra-deepwater drillships, 11 semisubmersible rigs, 35 jackup rigs, 30 tender-assisted barge and platform rigs and 249 land-based drilling and workover rigs. The Company's operations are conducted in more than 30 countries and marine provinces in many of the most active oil and gas basins of the world, including South America, the Gulf of Mexico, the Mediterranean, West and North Africa, the Middle East, Asia Pacific, Russia and Kazahkstan. Pride has five principal operating segments: Gulf of Mexico, International Offshore, International Land, E and P Services and Technical Services.

Financial Information
For the nine months ended 9/30/04, revenues rose 5% to $1.32 billion. Net loss totaled $22.4 million vs. an income of $14.5 million. Revenues reflect higher activity in Western Hemisphere and improved dayrates. Net loss reflects an increase in refinancing charges.