Pride extends option with Samsung for 6th drillship

Pride International, Inc. said today that it has reached and agreement with Samsung Heavy Industries, Ltd. to extend Pride’s option for the construction of a sixth ultra-deepwater drillship by 30 days to April 30, 2011. The extension of the option period does not impact the estimated unit construction cost or delivery schedule determined in December 2010, upon the order by Pride of a fifth ultra-deepwater drillship. The option may be exercised by the company on or before April 30, 2011, unless further extended on mutually agreed terms.