Pride was formed in Alice, Texas as Pride Oilwell Service Company with 6 workover rigs.

Pride was acquired by DEKALB Corporation in 1978 and operated as a subsidiary until August 1988.

Pride Petroleum Services, Inc. (formerly a wholly owned subsidiary of DEKALB) was formed in August. The Company was the surviving corporation of a merger on June 24, 1988 with Pride Oilwell Service Company.

On August 24, 1988, the Board of Directors approved the change of the fiscal year from August 31 to December 31.

1988 marked the emergence of Pride as an independent public company trading on the NASDAQ under the ticker symbol PRDE.

Pride completed several acquisitions with a value of approximately $4,000,000 for cash and/or Pride common stock.

In September 1989, Pride acquired the operations and facilities of the El Campo, Texas and Lovington, New Mexico districts of Alliance Well Service, Inc.

In October 1989, we completed the purchase of the fixed assets of Mack Chase, Inc., which included the acquisition of 17 well servicing rigs and well completion rental tools located in Artesia, New Mexico.

In October 1989, Pride also purchased 12 well servicing rigs owned by Eagle Creek Mining and Drilling of Taft, California.

During the 4th Quarter 1989, Pride took an active part in the new market of Horizontal Drilling by providing rigs to horizontally re-drill and complete wells.

In early 1990, Pride acquired the fixed assets of Ranger Well Service, Inc. and East Texas Packer Sales and Service, Inc., which included 23 rigs at three locations in East Texas.

Pride also acquired 9 oilfield companies, which included 83 rigs, bringing Pride's total to 409 well servicing rigs. With this total, Pride owned 7% of U.S. based well servicing rigs.

Pride's operations in West Texas were enhanced by the purchase of Snyder Well Servicing and C.R.C. Source Services.

South Texas and South Central Texas operations grew with the acquisition of Redding & Moore Well Service, OK Well Service, South Texas Swabbing, and two rigs from Pacer Atlas.

In December 1990, Pride purchased Valley Hyperclean, a California oilfield service firm which specializes in well bore cleaning and production enhancement.

Pride International, Inc. was formed as a wholly-owned subsidiary after representatives from Kuwait Petroleum Company requested our assistance in the restoration of that country's oil fields after the Persian Gulf War. In the last week of April, seven swabbing units and crews were deployed to Kuwait. After the work was completed, the units were returned and redeployed in the U.S.

In May 1991, Pride purchased 10 well servicing rigs, support equipment and an operating location in Liberty, Texas.

In October 1991, Pride announced that Quintana Trading Company ( Cypress ), Ltd, a subsidiary of Houston-based Quintana Petroleum Corporation, had selected Pride to work on their POVH Field Workover Project in Tyumen Province in the Republic of Russia.

In December 1991, 17 well servicing rigs were acquired and incorporated into the Bakersfield, California operation.

Pride's domestic fleet totaled 437 and operated from 29 service locations.

One Pride rig was shipped to Russia in December under contract to a U.S./Russia joint venture. It was scheduled to begin work on a project in Western Siberia, which commenced mid 1993.

Two Pride rigs and additional support equipment were leased and operated by a Venezuelan company.

A formalized Total Quality Management program was implemented with the goal of producing continuous long term improvement in every business segment.

Pride engaged The Dupont Company's team of safety consultants to evaluate and improve Pride's programs. These programs included Dupont's respected Safety Training Observation Program (STOP) and Pride's own Zero Accidents Today, Near Miss, Emergency Action Plans and Hazard Waste Operations and Emergency Response Compliance (HAZWOPER).

Pride successfully diversified its business into international markets.

In July, Pride acquired two well servicing and drilling operations in South America. Pride purchased from Western Atlas its 35-year old premier Argentine well servicing and drilling business with a fleet of 23 rigs. Renamed Pride Petrotech S.A.M.P.I.C., it had five service bases located in Argentina's primary oil and gas production area.

Effective July 1, 1993, Pride also acquired Perforaciones Western C.A. (renamed Pride International, C.A. ), an established contractor in Venezuela owning well servicing and drilling rigs. Pride's Venezuelan fleet consisted of 12 well servicing and three drilling rigs. Additionally, Pride operated four land drilling rigs and one drilling barge, on Lake Maracaibo, under contracts for subsidiaries of Petroleos de Venezuela (PDVSA).

Pride commenced Russian operations with one rig in mid 1993 for a joint venture between a multinational oil operator and a Russian production association. Later in the year, Pride mobilized two additional rigs and other heavy support equipment to Western Siberia for work on the same project.

Pride continued expansion of Argentine operations by acquiring a local competitor with four rigs and by sending 17 additional rigs to the country from our domestic fleet. The rig fleet increased from 23 to 43 rigs.

Pride more than doubled the size of its operation and commenced marine operations in Venezuela . Pride built two state-of-the-art, drilling/workover barge rigs (Pride I and Pride II), which were contracted to a subsidiary of the Venezuelan national oil company.

In March 1994, Pride acquired X-Pert Enterprises, Inc. of Hobbs , New Mexico, a thirty-five rig company that also provided lease maintenance service. Pride also purchased an oilfield trucking fleet in East Texas to expand the existing fluids hauling business in the region.

In June 1994, Pride acquired the largest fleet of platform workover rigs in the United States Gulf of Mexico. The Pride fleet of 22 rigs comprised 45% of the platform workover rigs in the Gulf of Mexico Market.

In January 1995, Pride's two newly-built drilling/workover barge rigs commenced operations on Lake Maracaibo pursuant to ten-year contracts with a subsidiary of the Venezuelan national oil company.

In March, 1995, Pride acquired a 35-rig competitor in New Mexico.

In October 1995, Pride purchased Marlin Colombia Drilling Company, Inc. from the Royal Dutch/Shell group of Companies.

In November 1995, Pride commissioned a newly constructed offshore platform rig, Pride 1001E. This state-of-the-art, 1,000 horsepower diesel-electric rig utilized many technological enhancements such as top-drive drilling system, high capacity mud pumps and improved drilling fluid systems.

In April 1996, Pride acquired Quitral-Co S.A.I.C., one of the largest and highest quality competitors in Latin America. This acquisition added 110 land rigs to the fleet making Pride the largest rig contractor in Latin America.

In October 1996, Pride tripled the size of its business in Colombia by acquiring Ingeser S.A. As a result, Pride became the largest Colombian contractor with a fleet of 19 intermediate-depth rigs.

Pride commissioned three newly constructed diesel-electric offshore platform rigs, consisting of one 1,500 horsepower rig and two 1,000 horsepower rigs, all equipped with top-drive drilling systems, high capacity fluid handling systems, large cranes and a new generation of living quarters.

Pride also acquired three other drilling rigs in Argentina.

Pride completed the shift from a domestic land well servicing company to one of the world's largest drilling contractors, offshore and onshore, when the Company sold its United States land-based well servicing operations in February 1997.

Pride sold its United States land-based well servicing operations in February 1997 and in March 1997, Pride acquired Forasol-Foramer, a French based drilling company with marine and land-based operations worldwide.

During the second quarter 1997, Pride purchased 13 mat-supported jackup rigs from Noble Corporation.

Pride expanded its mobile offshore drilling units during the year with the acquisition of the Piranha, a tender-assist rig and the Pride Pennsylvania, a 300-foot water depth, independent-leg cantilever jackup rig.

Pride and joint venture partner, Sonangol, began construction of the Pride Africa, capable of working in water depths of up to 10,000 feet for initial work offshore in Angola.

Pride Petroleum Services, Inc. is renamed Pride International, Inc., and is listed on the New York Stock Exchange under the symbol "PDE".

During 1998, Pride purchased a 60% controlling share of Bolivia's formerly state-owned oil company assets, including 13 drilling and workover rigs, oilfield trucks and related drilling equipment. Additionally, Pride mobilized seven rigs from Argentina to Bolivia to meet local demand.

In October 1998, Pride completed the acquisition of the Amethyst 1, renamed Pride South America, a dynamically positioned, self-propelled semisubmersible drilling rig.

Pride contracted with Elf Angola to supply a second ultra-deepwater drillship (the Pride Angola, sister rig to the Pride Africa) to operate offshore Angola under a five-year term.

A Pride subsidiary participated in joint ventures constructing four additional Amethyst-class, dynamically positioned semisubmersible drilling rigs.

In early 1999, shipyard upgrades were completed for Pride Kansas and Pride Texas. Both rigs were upgraded with modern drilling equipment and designed for environmentally sensitive operations.

In October 1999, Pride purchased the 10-rig fleet of a competitor in Argentina.

The Pride Africa arrived in Angola and commenced contract operations in November 1999.

Pride entered into a contract to provide drilling and related services for exploration and development in the central African country of Chad. Five new rigs were scheduled for construction in the project.

In April 2000, Pride formed its Exploration and Production Services division through the acquisition of Servicios Especiales San Antonio S.A. (" San Antonio ").

In September 2001, Pride completed a merger with Marine Drilling Companies, Inc.

Pride expanded its deepwater fleet with the completion of two deepwater semisubmersibles, the Pride Carlos Walter and the Pride Brazil.

Pride was awarded projects to construct, commission and operate four deepwater platform drilling rigs. The projects include Kizomba ( Angola ), Holstein ( Gulf of Mexico ), Thunderhorse ( Gulf of Mexico ) and Mad Dog ( Gulf of Mexico ).

Five new purpose-built land rigs were successfully deployed and Pride commenced operations in remote Chad.

Pride mobilized nine jackup rigs and one platform rig from the U.S. sector to the Mexican sector of the Gulf of Mexico for contracts with Petroleos Mexicanos S.A. ("Pemex").

The first of the deepwater platform rigs constructed by Pride's technical services segment was delivered and installed on Kizomba A tension leg platform offshore. In November 2003, the Kizomba A began operations for Esso Exploration Angola under a management contract expiring in December 2008.

Pride mobilized five additional jackup rigs, one semisubmersible and one platform rig to Mexico for contracts with Petroleos Mexicanos S.A. ("Pemex").

In Kazakhstan, the first of two large land rigs commenced operations on an artificial island in the northeast Caspian Sea in April 2003, and the second rig commenced operations in June 2003.

During the fourth quarter of 2003, Pride entered into a ten-year aggregate contract extension for the two drillships, Pride Angola and Pride Africa, which keep the high-specification assets continuously employed through at least 2010.

The Pride Rio de Janeiro, a modern deepwater drilling and pipe-handling semisubmerisble, completed construction and underwent sea trials in March 2004. The rig has since been deployed to Brazil.

The Pride Portland , the sister rig of the Pride Rio de Janeiro deepwater drilling semisubmerisble, completed construction and underwent sea trials in March 2004. The rig has since been deployed to Brazil.

The Pride South Seas was contracted through June 2005 and the Pride Mexico was contracted through April 2007 with Petroleos Mexicanos S.A. ("Pemex").

2005

Pride acquired an additional 40% interest in our joint venture with Sonangol, the national oil company of Angola, raising our ownership of the deepwater drillships Pride Africa and the Pride Angola, and the 300-foot independent leg cantilever jackup Pride Cabinda from 51% to 91%.

The Pride Portland commenced operations in Brazil.

The Pride Portland and the Pride Rio de Janeiro received a 5 year contact for offshore Brazil.

The Pride Texas was extended for work in the Gulf of Mexico Gulf in Mexican waters for a 730 day term.

Pride North America was contracted in the Mediterranean for a 730 day contract with expected revenues of approximately $151 million.

Four idle land drilling rigs from the Eastern Hemisphere and the Energy Explorer IV (Pride Ohio) were sold.

2006

In November, Pride announced the acquisition of its partner's interest in the joint venture companies that own the two deepwater semisubmersibles Pride Rio de Janeiro and Pride Portland. The transaction increased our interest in these two units from 30% to 100%.  Both units are operating in Brazil under contracts that expire in 2010.

In November, Pride reached an agreement to extend the existing contract on the deepwater semisubmersible Pride North America, operating offshore Egypt, for an additional three years.