Thursday February 19, 10:42 am Eastern Time
Company Press Release
SOURCE: Pride International, Inc.
Pride International Reports Record Earnings for
Fourth Quarter and Year
HOUSTON, Feb. 19 /PRNewswire/ -- Pride International, Inc. (NYSE: PDE - news)
reported net earnings for the fourth quarter of 1997 of $19,416,000, or $.37 per share,
on revenues of $210,967,000. For the same period in 1996, Pride reported net
earnings of $8,274,000, or $.25 per share, on revenues of $123,581,000.
For the year ended December 31, 1997, net earnings were $103,995,000, or $2.16
per share, on revenues of $699,788,000. Net earnings for the year includes a gain (net
of estimated income taxes) on the February 1997 sale of the Company's U.S.
land-based well servicing business of $53,453,000. The gain was partially offset by
non-recurring charges totaling $4,182,000, net of estimated income taxes, relating
principally to the induced conversion of $28,000,000 principal amount of the
Company's 6-1/4% convertible subordinated debentures. Excluding such non-recurring
items, net earnings were $54,724,000, or $1.16 per share. For the year ended
December 31, 1996, net earnings were $22,728,000, or $.77 per share, on revenues of
$407,174,000.
The increase in revenues and earnings was primarily attributable to (i) the inclusion of
drilling-related businesses and equipment that Pride acquired over the past 15 months,
the most significant being the acquisition of Forasol-Foramer in March 1997 and the
addition of a fleet of 13 jackup rigs acquired in May 1997, (ii) improved utilization of the
Company's equipment, and (iii) improved operating rates received for much of the
Company's rig fleet, especially the Company's offshore rigs.
''We are very pleased with our 1997 results,'' said Ray H. Tolson, Chairman and Chief
Executive Officer. ''The year was an extraordinary year of transition for Pride, with
major acquisitions and divestitures. Since acquiring Forasol-Foramer and the jackup
rig fleet during the first half of the year, much of our efforts have been directed toward
placing idle assets back into service. In the fourth quarter we began to experience
contributions from some of these assets. Over the next few quarters, a number of
additional assets will be placed into service, including three tender-assisted rigs, four
jackup rigs, two platform rigs, and several international land rigs. Accordingly, we enter
1998 with high expectations.''
Pride International, Inc. headquartered in Houston, Texas, is one of the world's largest
drilling contractors. The Company provides onshore and offshore drilling, workover and
related services in more than 20 countries, operating a diverse fleet of 295 rigs,
including two semisubmersible rigs, 17 jackup rigs, eight tender-assisted rigs, seven
barge rigs, 23 offshore platform rigs and 238 land rigs.
PRIDE INTERNATIONAL, INC.
SUMMARY RESULTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
1997 1996 1997 1996
Revenues $210,967,000 $123,581,000 $699,788,000 $407,174,000
Earnings from
operations 36,341,000 13,452,000 108,385,000 40,142,000
Net earnings 19,416,000 8,274,000 103,995,000 22,728,000
Net earnings per
common share
Basic $.40 $.29 $2.42 $.85
Diluted $.37 $.25 $2.16 $.77
Weighted average
common shares
outstanding
Basic 48,652,000 28,516,000 43,036,000 26,719,000
Diluted 54,358,000 36,124,000 49,143,000 33,755,000
SOURCE: Pride International, Inc.
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