HOUSTON, TX, Jul 29, 2010 (MARKETWIRE via COMTEX) --
Pride International, Inc. (NYSE: PDE) today reported income from
continuing operations, net of tax, for the three months ended June
30, 2010 of $57.7 million, or $0.32 per diluted share. The quarterly
results compared to income from continuing operations, net of tax,
for the three months ended March 31, 2010 of $80.7 million, or $0.45
per diluted share. For the three months ended June 30, 2009, income
from continuing operations, net of tax, was $134.7 million, or $0.76
per diluted share. Revenues totaled $350.3 million during the second
quarter of 2010 compared to $362.8 million and $439.5 million during
the first quarter of 2010 and second quarter of 2009, respectively.
Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "The second quarter was a good quarter
for us both financially, as earnings were in the middle of the range
of our previous guidance, and operationally, with the arrival of the
Deep Ocean Ascension in the Gulf of Mexico. Currently, the rig is
preparing to undergo acceptance testing in the Gulf of Mexico, which
we expect to commence shortly. As a consequence of the current
moratorium and uncertainty related to the political and business
environment in the Gulf of Mexico, we are in discussions with our
customer related to the possibility of relocating the Deep Ocean
Ascension outside the Gulf of Mexico."
Net income for the three months ended June 30, 2010 was $57.5
million, or $0.32 per diluted share, compared to net income of $73.0
million, or $0.41 per diluted share, including a loss from
discontinued operations, net of tax, of $7.7 million, or $0.04 per
diluted share, for the three months ended March 31, 2010. For the
three months ended June 30, 2009, net income totaled $124.1 million,
or $0.70 per diluted share, including a loss from discontinued
operations, net of tax, of $10.6 million, or $0.06 per diluted share.
For the six months ended June 30, 2010, income from continuing
operations totaled $138.4 million, or $0.78 per diluted share, while
net income was $130.5 million, or $0.73 per diluted share, inclusive
of a loss from discontinued operations of $7.9 million, or $0.05 per
diluted share. The year-to-date 2010 results compared to income from
continuing operations for the six months ended June 30, 2009 of
$283.6 million, or $1.61 per diluted share, inclusive of a loss from
discontinued operations of $0.6 million.
Cash and cash equivalents at June 30, 2010 were $311 million compared
to $763 million at December 31, 2009. The decline largely reflected
the final milestone payment on the Deep Ocean Ascension during the
first quarter of 2010. A final milestone payment on the company's
next deepwater drillship delivery, the Deep Ocean Clarion, is
expected during the third quarter of 2010. Total debt at June 30,
2010 was $1.2 billion, essentially unchanged from total debt at
December 31, 2009. With stockholders' equity at June 30, 2010 of $4.4
billion, the company's debt-to-total-capital ratio was 21% at the
conclusion of the second quarter, remaining at the bottom end of the
targeted range of 20% to 40%.
Net cash flows from operating activities were $110.2 million during
the three months ended June 30, 2010, and totaled $210.4 million for
the six months ended June 30, 2010. Capital expenditures in the
second quarter of 2010 were $115.8 million, bringing the total
through June 30, 2010 to $609.5 million. The company's estimate for
total capital expenditures in 2010 remains $1.05 billion. Capital
expenditures associated with the company's four rig ultra-deepwater
expansion program were $31.9 million in the second quarter and $453.5
million for the six months ended June 30, 2010. Since inception of
the ultra-deepwater expansion program, the company has spent an
estimated $2.0 billion, with an additional $1.2 billion remaining to
complete the program. Capital expenditure amounts stated above
exclude capitalized interest.
Deepwater Segment
Revenues from the company's Deepwater segment were $222.5 million
during the second quarter of 2010 compared to $220.8 million for the
first quarter of the year. Segment utilization of 90% was essentially
flat in the second quarter of 2010 compared to 91% in the first
quarter of the year, as higher activity on the semisubmersible rigs
Pride Rio de Janeiro and Pride South Pacific was offset by a
scheduled shipyard program for the semisubmersible rig Pride Carlos
Walter and repairs on the semisubmersible rig Pride North America.
Both rigs returned to work prior to the end of the second quarter.
Average daily revenues improved in the second quarter of 2010 to
$340,800 from $335,100 in the first quarter due primarily to a dayrate
escalation on the Pride North America, which was retroactive to the
beginning of 2010. Earnings from operations were $83.0 million in the
second quarter of 2010, while segment earnings before interest,
taxes, depreciation and amortization (EBITDA) were $104.9 million.
The results compared to earnings from operations of $87.5 million and
EBITDA of $108.2 million during the first quarter of 2010. Segment
operating costs, net of client reimbursables, increased to $115.3
million from $110.5 million in the first quarter, due primarily to
higher labor, repair and maintenance costs, as well as start-up costs
on the new ultra-deepwater drillships Deep Ocean Clarion and Deep
Ocean Mendocino related primarily to the hiring and training of rig
personnel. Contracted rig days in the segment remained strong through
June 30, 2010, with 100% of the available rig days under contract
over the balance of 2010, while 80% are under contract in 2011, 67%
in 2012 and 55% in 2013.
The intermediate-term outlook for the deepwater sector has become
increasingly unclear since the Deepwater Horizon incident in April
2010. Even before the incident, the sector was faced with challenges
resulting from the combination of lower client demand, stemming
largely from uncertainty surrounding the strength of the worldwide
economic recovery, and expanding sector capacity. With the heightened
uncertainty, clients are displaying a tendency to wait and see if
further dayrate softness develops before making near-term incremental
deepwater rig commitments. Some deepwater rig supply is relocating
from the U.S. Gulf of Mexico in response to the uncertainty in the
region, which is having a negative impact on global deepwater
dayrates. This is especially true for, but not limited to, the
industry's conventionally moored deepwater rigs. Further rig
relocations out of the U.S. Gulf of Mexico are expected, driven
largely by the availability of work in international markets and the
anticipated length of the activity disruption in the region. The
moratorium is currently expected to expire on November 30, 2010, and
with the implementation of pending regulations and revised operating
procedures, including increased difficulty by our clients in obtaining
drilling permits, we do not expect activity levels to increase
substantially in the region until well into 2011.
Midwater Segment
Revenues from the company's Midwater segment totaled $89.3 million
during the second quarter of 2010 compared to $94.2 million in the
first quarter of the year. Earnings from operations were $12.7
million compared to $30.9 million, while segment EBITDA was $25.2
million compared to $42.9 million, over the same comparative period.
A decline in segment utilization to 61% in the second quarter of 2010
from 66% during the first quarter was a primary driver of the reduced
financial performance in the quarter, due in part to a planned
shipyard program on the semisubmersible rig Pride South Atlantic, and
the downtime on the Pride Mexico for mechanical repairs. In addition,
operating costs increased to $63.9 million in the second quarter of
2010, before client reimbursables, compared to first quarter 2010
operating costs of $50.9 million, due primarily to repair and
maintenance projects associated with the Pride South Atlantic and
Pride Venezuela. The Pride South Atlantic project was completed in an
estimated 23 days during the second quarter, while the project
covering repairs and an upgrade of the Pride Venezuela concluded in
July 2010. The rig is mobilizing to Brazil where it is expected to
commence a one-year project in October 2010. At June 30, 2010, the
Midwater segment had 78% of the available rig days remaining in 2010
under contract, with 76% under contract in 2011, 35% in 2012 and 14%
in 2013.
Client demand for midwater rigs is expected to trail the industry
supply of approximately 110 units through 2010 and into 2011. At June
30, 2010, 13 midwater units were idle globally with another 24 units
expected to complete contracts over the second half of 2010. Average
contract durations for the rigs that have secured contract awards in
2010 for drilling assignments outside of the UK and Norwegian sectors
of the North Sea have declined to approximately six months. The
possible displacement of rigs from the U.S. Gulf of Mexico in
response to the drilling moratorium on all floating drilling units
could cause further downward pressure on utilization and dayrates in
the segment as competition for what is currently a limited number of
drilling opportunities for midwater and conventionally moored
deepwater rigs becomes more heated. Following the October 2010
expected commencement of the one-year contract on the Pride
Venezuela, the midwater semisubmersible rig Pride South Seas will be
the only idle floating unit in the Pride International fleet. The
company has cold stacked the Pride South Seas and does not expect
contract opportunities supporting the possible reactivation of the
unit before 2011.
Independent Leg Jackup Segment
Revenues from the company's seven independent leg jackup rigs were
$21.6 million during the second quarter of 2010 compared to $31.6
million during the first quarter of the year. The second quarter of
2010 concluded with four of the company's seven jackup rigs idle,
including the Pride Hawaii, which completed a contract offshore India
during the first week of the second quarter. The lower activity on
the Pride Hawaii, together with planned out-of-service time on the
Pride Montana, contributed to a decline in segment utilization in the
second quarter to 39% from 45% during the first quarter of 2010. The
lower utilization was partially offset by higher activity on the
Pride Cabinda following out-of-service time during the first quarter
of 2010 to complete repairs. The segment reported a loss from
operations of $12.1 million during the second quarter of 2010
compared to a $1.2 million loss in the first quarter of the year.
Segment EBITDA was negative $3.5 million compared to $6.3 million
over the same comparative period. Average daily revenues in the
second quarter of 2010 declined to $87,000 from $110,100 in the first
quarter of the year due primarily to a lower dayrate on the Pride
Cabinda. At June 30, 2010, the Independent Leg Jackup segment had 36%
of the available rig days remaining in 2010 under contract, with 7%
under contract in 2011 and no rig days under contract beyond 2011.
At June 30, 2010, 116 jackup rigs were idle in the industry's global
fleet compared to 120 idle jackups at March 31, 2010 and 119 idle
units at June 30, 2009. The sector is displaying evidence of
stability, with utilization holding at approximately 75%, but
meaningful dayrate improvement among the industry's fleet of jackups
possessing standard capabilities is expected to be difficult through
the balance of 2010 and into 2011 as contract commitments remain
short and new capacity with advanced specifications is added through
2012. Of the company's four idle jackups, three are not expected to
be reactivated for the foreseeable future and have been cold stacked.
Pride International, Inc., headquartered in Houston, Texas, operates
a fleet of 24 rigs, including three deepwater drillships, 12
semisubmersible rigs, seven independent leg jackups, and two managed
deepwater rigs. The company also has three ultra-deepwater drillships
under construction. The company's floating rig fleet operates
primarily offshore Brazil and West Africa.
Pride International, Inc. will host a conference call at 11:00 a.m.
Eastern time on Thursday, July 29, 2010 to discuss results for the
second quarter of 2010, recent events and management's operational
and marketing outlook. Individuals who wish to participate in the
conference call should dial 913-312-0835 and refer to confirmation
code 5598490 approximately five to 10 minutes before the scheduled
start of the call. In addition, the conference call will be
simulcast through a listen-only broadcast over the Internet and can
be accessed by selecting the Investor Relations link at
www.prideinternational.com. A telephonic replay of the conference
call should be available after 2:00 p.m. Eastern time on July 29 and
can be accessed by dialing 719-457-0820 and referring to pass code
5598490. Also, a replay will be available through the Internet and
can be accessed by visiting the company's worldwide web address. The
replay options will be available for approximately 30 days.
The information above includes forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934. These forward-looking statements are subject to certain
risks, uncertainties and assumptions identified above or as disclosed
from time to time in the company's filings with the Securities and
Exchange Commission. As a result of these factors, actual results may
differ materially from those indicated or implied by such
forward-looking statements.
Pride International, Inc.
Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
Three Months Ended
June 30,
------------------------
2010 2009
----------- -----------
REVENUES
Revenues excluding reimbursable revenues $ 344.0 $ 434.4
Reimbursable revenues 6.3 5.1
----------- -----------
350.3 439.5
----------- -----------
COSTS AND EXPENSES
Operating costs, excluding depreciation and
amortization 217.9 205.2
Reimbursable costs 5.1 4.6
Depreciation and amortization 44.7 39.3
General and administrative, excluding
depreciation and amortization 25.5 26.1
Gain on sales of assets, net (0.2) -
----------- -----------
293.0 275.2
----------- -----------
EARNINGS FROM OPERATIONS 57.3 164.3
OTHER INCOME (EXPENSE), NET
Interest expense, net of amounts capitalized - (0.1)
Interest income 0.9 0.7
Other income (expense), net 2.6 (3.6)
----------- -----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES 60.8 161.3
INCOME TAXES (3.1) (26.6)
----------- -----------
INCOME FROM CONTINUING OPERATIONS, NET OF TAX 57.7 134.7
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (0.2) (10.6)
----------- -----------
NET INCOME $ 57.5 $ 124.1
=========== ===========
BASIC EARNINGS PER SHARE:
Income from continuing operations attributable
to common shareholders $ 0.32 $ 0.76
Loss from discontinued operations - (0.06)
----------- -----------
Net income $ 0.32 $ 0.70
=========== ===========
DILUTED EARNINGS PER SHARE:
Income from continuing operations attributable
to common shareholders $ 0.32 $ 0.76
Loss from discontinued operations - (0.06)
----------- -----------
Net income $ 0.32 $ 0.70
=========== ===========
SHARES USED IN PER SHARE CALCULATIONS
Basic 175.5 173.5
Diluted 176.0 173.7
Pride International, Inc.
Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
Six Months Ended
June 30,
------------------------
2010 2009
----------- -----------
REVENUES
Revenues excluding reimbursable revenues $ 701.4 $ 873.7
Reimbursable revenues 11.7 17.7
----------- -----------
713.1 891.4
----------- -----------
COSTS AND EXPENSES
Operating costs, excluding depreciation and
amortization 418.8 405.4
Reimbursable costs 9.4 15.8
Depreciation and amortization 86.8 78.8
General and administrative, excluding
depreciation and amortization 55.1 55.2
Gain on sales of assets, net (0.5) (0.5)
----------- -----------
569.6 554.7
----------- -----------
EARNINGS FROM OPERATIONS 143.5 336.7
OTHER INCOME (EXPENSE), NET
Interest expense, net of amounts capitalized - (0.1)
Interest income 1.1 2.1
Other income (expense), net 11.6 (0.6)
----------- -----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES 156.2 338.1
INCOME TAXES (17.8) (54.5)
----------- -----------
INCOME FROM CONTINUING OPERATIONS, NET OF TAX 138.4 283.6
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (7.9) (0.6)
----------- -----------
NET INCOME $ 130.5 $ 283.0
=========== ===========
BASIC EARNINGS PER SHARE:
Income from continuing operations attributable
to common shareholders $ 0.78 $ 1.61
Loss from discontinued operations (0.05) -
----------- -----------
Net income $ 0.73 $ 1.61
=========== ===========
DILUTED EARNINGS PER SHARE:
Income from continuing operations attributable
to common shareholders $ 0.78 $ 1.61
Loss from discontinued operations (0.05) -
----------- -----------
Net income $ 0.73 $ 1.61
=========== ===========
SHARES USED IN PER SHARE CALCULATIONS
Basic 175.5 173.4
Diluted 176.0 173.5
Pride International, Inc.
Consolidated Balance Sheets
(In millions, except par value)
June 30, December 31,
------------------------
2010 2009
----------- -----------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 311.0 $ 763.1
Trade receivables, net 201.2 211.9
Deferred income taxes 8.5 21.6
Other current assets 115.5 167.6
----------- -----------
Total current assets 636.2 1,164.2
PROPERTY AND EQUIPMENT 6,760.5 6,091.0
Less: accumulated depreciation 1,280.8 1,200.7
----------- -----------
Property and equipment, net 5,479.7 4,890.3
OTHER ASSETS, NET 76.7 88.4
----------- -----------
Total assets $ 6,192.6 $ 6,142.9
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 30.3 $ 30.3
Accounts payable 139.6 132.4
Accrued expenses and other current liabilities 277.0 339.7
----------- -----------
Total current liabilities 446.9 502.4
OTHER LONG-TERM LIABILITIES 109.3 118.3
LONG-TERM DEBT, NET OF CURRENT PORTION 1,147.0 1,161.7
DEFERRED INCOME TAXES 84.1 102.7
STOCKHOLDERS' EQUITY:
Preferred stock - -
Common stock 1.8 1.8
Paid-in capital 2,082.4 2,058.7
Treasury stock (21.5) (16.4)
Retained earnings 2,341.2 2,210.8
Accumulated other comprehensive income 1.4 2.9
----------- -----------
Total stockholders' equity 4,405.3 4,257.8
----------- -----------
Total liabilities and stockholders' equity $ 6,192.6 $ 6,142.9
=========== ===========
Pride International, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Six Months Ended
June 30,
------------------------
2010 2009
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 130.5 $ 283.0
Adjustments to reconcile net income to net cash
from operating activities:
Gain on sale of Eastern Hemisphere land rigs - (5.4)
Depreciation and amortization 86.8 107.9
Amortization and write-offs of deferred
financing costs 1.2 0.9
Amortization of deferred contract liabilities (26.9) (26.9)
Gain on sales of assets, net (0.5) (5.4)
Deferred income taxes (2.9) (5.4)
Excess tax benefits from stock-based
compensation (2.6) (0.1)
Stock-based compensation 16.5 17.9
Other, net 0.5 0.4
Net effect of changes in operating accounts (See
Note 12) 4.0 0.8
Change in deferred gain on asset sales and
retirements - 4.9
Increase (decrease) in deferred revenue 0.6 (9.1)
Decrease in deferred expense 3.2 11.1
----------- -----------
NET CASH FLOWS FROM OPERATING ACTIVITIES 210.4 374.6
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment (655.4) (474.7)
Proceeds from dispositions of property and
equipment 0.9 0.8
Proceeds from the sale of Eastern Hemisphere
land rigs, net - 9.6
Proceeds from insurance - 13.9
----------- -----------
NET CASH FLOWS USED IN INVESTING ACTIVITIES (654.5) (450.4)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Repayments of borrowings (15.2) (15.2)
Proceeds from debt borrowings - 498.2
Debt financing costs (0.1) (6.0)
Net proceeds from employee stock transactions 4.7 1.9
Excess tax benefits from stock-based
compensation 2.6 0.1
----------- -----------
NET CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES (8.0) 479.0
(Decrease) increase in cash and cash equivalents (452.1) 403.2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 763.1 712.5
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 311.0 $ 1,115.7
=========== ===========
Pride International, Inc.
Quarterly Continuing Operating Results by Segment
(Unaudited)
(In millions)
Three Months Ended
June 30, March 31, June 30,
--------- --------- ---------
2010 2010 2009
--------- --------- ---------
Deepwater revenues:
Revenues excluding reimbursables $ 219.0 $ 217.9 $ 232.4
Reimbursable revenues 3.5 2.9 2.4
--------- --------- ---------
Total Deepwater revenues 222.5 220.8 234.8
Midwater revenues:
Revenues excluding reimbursables 89.1 93.8 113.1
Reimbursable revenues 0.2 0.4 0.6
--------- --------- ---------
Total Midwater revenues 89.3 94.2 113.7
Independent Leg Jackups revenues:
Revenues excluding reimbursables 21.0 31.4 69.9
Reimbursable revenues 0.6 0.2 0.3
--------- --------- ---------
Total Independent Leg Jackups revenues 21.6 31.6 70.2
Other 16.7 16.2 20.7
Corporate 0.2 - 0.1
--------- --------- ---------
Total revenues $ 350.3 $ 362.8 $ 439.5
========= ========= =========
Earnings (loss) from continuing
operations:
Deepwater $ 83.0 $ 87.5 $ 125.2
Midwater 12.7 30.9 36.9
Independent Leg Jackups (12.1) (1.2) 30.3
Other 1.0 0.6 0.4
Corporate (27.3) (31.5) (28.5)
--------- --------- ---------
Total $ 57.3 $ 86.3 $ 164.3
========= ========= =========
Pride International, Inc.
Quarterly Continuing Operating Results by Segment
(Unaudited)
(In millions)
Six Months Ended
June 30,
--------------------
2010 2009
--------- ---------
Deepwater revenues:
Revenues excluding reimbursables $ 436.9 $ 444.5
Reimbursable revenues 6.5 8.9
--------- ---------
Total Deepwater revenues 443.4 453.4
Midwater revenues:
Revenues excluding reimbursables 182.8 242.1
Reimbursable revenues 0.7 3.4
--------- ---------
Total Midwater revenues 183.5 245.5
Independent Leg Jackups revenues:
Revenues excluding reimbursables 52.4 148.0
Reimbursable revenues 0.8 0.5
--------- ---------
Total Independent Leg Jackups revenues 53.2 148.5
Other 32.8 43.8
Corporate 0.2 0.2
--------- ---------
Total revenues $ 713.1 $ 891.4
========= =========
Earnings (loss) from continuing operations:
Deepwater $ 170.5 $ 229.1
Midwater 43.6 95.5
Independent Leg Jackups (13.2) 69.7
Other 1.6 2.3
Corporate (59.0) (59.9)
--------- ---------
Total $ 143.5 $ 336.7
========= =========
Pride International, Inc.
Quarterly Selected Segment Metrics
Q2 2010 Q1 2010 Q2 2009
------------------- ------------------- -------------------
Average Average Average
Daily Daily Daily
Revenues Utiliza- Revenues Utiliza- Revenues Utiliza-
(1) tion(2) (1) tion(2) (1) tion(2)
--------- -------- --------- -------- --------- --------
Deepwater $ 340,800 90% $ 335,100 91% $ 338,500 95%
Midwater $ 269,700 61% $ 265,000 66% $ 253,800 82%
Independent Leg
Jackups $ 87,000 39% $ 110,100 45% $ 119,400 92%
--------- -------- --------- -------- --------- --------
(1) Average daily revenues are based on total revenues for each type of rig
divided by actual days worked by all rigs of that type. Average daily
revenues will differ from average contract dayrate due to billing
adjustments for any non-productive time, mobilization fees, demobilization
fees, performance bonuses and charges to the customer for ancillary
services.
(2) Utilization is calculated as the total days worked divided by the total
days in the period.
Pride International, Inc.
Quarterly Selected Segment Metrics
Six Months Ended June 30,
---------------------------------------
2010 2009
------------------- -------------------
Average Average
Daily Daily
Revenues Utiliza- Revenues Utiliza-
(1) tion(2) (1) tion(2)
--------- -------- --------- --------
Deepwater $ 337,900 91% $ 336,800 93%
Midwater $ 267,200 63% $ 259,700 87%
Independent Leg Jackups $ 99,400 42% $ 123,100 95%
--------- -------- --------- --------
(1) Average daily revenues are based on total revenues for each type of rig
divided by actual days worked by all rigs of that type. Average daily
revenues will differ from average contract dayrate due to billing
adjustments for any non-productive time, mobilization fees, demobilization
fees, performance bonuses and charges to the customer for ancillary
services.
(2) Utilization is calculated as the total days worked divided by the total
days in the period.
Pride International, Inc.
Reconciliation of Earnings before Interest, Taxes and Depreciation and
Amortization (EBITDA)
(In millions)
We believe that this non-GAAP financial measure for EBITDA is meaningful
information that our management considers when making investment decisions.
We believe it also provides supplemental information regarding our
operating results with respect to both the performance of our fundamental
business activities and our ability to meet our future debt service,
capital expenditures and working capital requirements. We also believe
investors and analysts commonly use EBITDA as a widely accepted financial
indicator to analyze and compare companies on the basis of operating
performance that have different financing and capital structures and tax
rates. EBITDA is not a substitute for the U.S. GAAP measures of earnings or
of cash flow and is not necessarily a measure of the company's ability to
fund its cash needs.
Q2 2010 Q1 2010 Q2 2009
------- ------- -------
Deepwater
Earnings from continuing operations $ 83.0 $ 87.5 $ 125.2
Plus: Total interest expense, net - - -
Plus: Income tax provision - - -
Plus: Depreciation and amortization 21.9 20.7 19.1
------- ------- -------
EBITDA 104.9 108.2 144.3
Midwater
Earnings from continuing operations 12.7 30.9 36.9
Plus: Total interest expense, net - - -
Plus: Income tax provision - - -
Plus: Depreciation and amortization 12.5 12.0 11.2
------- ------- -------
EBITDA 25.2 42.9 48.1
Independent Leg Jackups
Earnings (loss) from continuing operations (12.1) (1.2) 30.3
Plus: Total interest expense, net - - -
Plus: Income tax provision - - -
Plus: Depreciation and amortization 8.6 7.5 7.0
------- ------- -------
EBITDA (3.5) 6.3 37.3
Other & Corporate
Loss from continuing operations (25.9) (36.5) (57.7)
Plus: Total interest expense, net (0.9) (0.2) (0.6)
Plus: Income tax provision 3.1 14.7 26.6
Plus: Depreciation and amortization 1.7 1.9 2.0
------- ------- -------
EBITDA (22.0) (20.1) (29.7)
Total Pride International Inc.
Income (loss) from continuing operations 57.7 80.7 134.7
Plus: Total interest expense (income), net (0.9) (0.2) (0.6)
Plus: Income tax provision 3.1 14.7 26.6
Plus: Depreciation and amortization 44.7 42.1 39.3
------- ------- -------
EBITDA $ 104.6 $ 137.3 $ 200.0
======= ======= =======
Analyst Contact:
Jeffrey L. Chastain
(713) 917-2020
Media Contact:
Kate Perez
(713) 917-2343
SOURCE: Pride International
