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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (43975)	5/5/1999 11:06:00 AM
From: PartyTime	Respond to of 95453

Wednesday May 5, 10:07 am Eastern Time Company Press Release SOURCE: Pride International, Inc. Pride International Announces Equity Investment HOUSTON, May 5 /PRNewswire/ -- Pride International, Inc. (NYSE: PDE - news) announced today that it has reached an agreement in principle with an affiliate of First Reserve Corp. pursuant to which First Reserve will invest an aggregate of up to $75 million in equity of Pride and affiliates. The transaction is subject to completion of final documentation and regulatory approval and is expected to be completed in approximately 30 days. 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 313 rigs, including three semisubmersible rigs, 17 jackup rigs, nine tender-assisted rigs, four barge rigs, 23 offshore platform rigs and 251 land rigs. SOURCE: Pride International, Inc.