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Exhibit 99.1
 
 NEWS RELEASE
 5847
San Felipe, Suite 3300  Houston, Texas 77057  (713) 789-1400
 
 
  Pride International, Inc. Reports
Record Financial Results In First Quarter 2007
Driven by Strong Operational Performance
 Houston,
Texas, May 7, 2007
 Pride
Mississippi
 Consolidated Results




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Pride Tennessee Pride Arkansas Pride Hawaii Pride Wisconsin
  Offshore Segment Results
  Pride North America Pride South Pacific
 Pride South Seas Pride South America Pride South Atlantic




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Pride Tennessee Pride Wisconsin Pride Arkansas
 Latin America Land Segment
  www.prideinternational.com




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Pride International, Inc.
Consolidated Statements of Operations  (In millions, except per share amounts)
(Unaudited)
 Three Months EndedMarch 31,2007
    
    
    2006Revenues
    
    $
    712.0
    
    
    $
    566.9Costs and expenses:Operating costs, excluding depreciation and amortization
    
    
    419.2
    
    
    
    372.3Depreciation and amortization
    
    
    77.6
    
    
    
    65.5General and administrative, excluding depreciation and amortization
    
    
    39.0
    
    
    
    26.0Gain on sales of assets, net
    
    
    (0.5
    )
    
    
    (26.7
    )Earnings from operations
    
    
    176.7
    
    
    
    129.8Interest expense
    
    
    (20.7
    )
    
    
    (19.7
    )Interest income
    
    
    0.7
    
    
    
    0.8Other income (expense), net
    
    
    (3.0
    )
    
    
    2.4Income from continuing operations before income taxes & minority
interest
    
    
    153.7
    
    
    
    113.3Income taxes
    
    
    (51.0
    )
    
    
    (42.2
    )Minority interest
    
    
    (1.0
    )
    
    
    (1.4
    )Income from continuing operations
    
    
    101.7
    
    
    
    69.7Income from discontinued operations, net of tax
    
    
    
    
    
    
    0.8Net income
    
    $
    101.7
    
    
    $
    70.5Basic earnings per share:Income from continuing operations
    
    $
    0.62
    
    
    $
    0.43Income from discontinued operations
    
    
    
    
    
    
    0.01Net income
    
    $
    0.62
    
    
    $
    0.44Diluted earnings per share:Income from continuing operations
    
    $
    0.58
    
    
    $
    0.40Income from discontinued operations
    
    
    
    
    
    
    0.01Net income
    
    $
    0.58
    
    
    $
    0.41Shares used in per share calculations:Basic
    
    
    164.6
    
    
    
    162.1Diluted
    
    
    177.8
    
    
    
    176.4




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Pride International, Inc.
Consolidated Balance Sheets  (In millions, except par value)
 March 31,
    
    
    December 31,2007
    
    
    2006(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    69.7
    
    
    $
    64.1Trade receivables, net
    
    
    569.6
    
    
    
    505.0Parts and supplies, net
    
    
    75.2
    
    
    
    75.3Deferred income taxes
    
    
    166.0
    
    
    
    154.5Prepaid expenses and other current assets
    
    
    151.2
    
    
    
    164.3Total current assets
    
    
    1,031.7
    
    
    
    963.2Property and equipment
    
    
    5,907.7
    
    
    
    5,808.4Less accumulated depreciation
    
    
    1,885.3
    
    
    
    1,808.3Property and equipment, net
    
    
    4,022.4
    
    
    
    4,000.1Goodwill
    
    
    68.5
    
    
    
    68.5Other assets
    
    
    69.9
    
    
    
    65.7Total assets
    
    $
    5,192.5
    
    
    $
    5,097.5LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Current portion of long-term debt
    
    $
    140.5
    
    
    $
    91.9Accounts payable
    
    
    178.7
    
    
    
    189.9Accrued expenses and other current liabilities
    
    
    410.9
    
    
    
    388.3Total current liabilities
    
    
    730.1
    
    
    
    670.1Other long-term liabilities
    
    
    172.4
    
    
    
    196.9Long-term debt, net of current portion
    
    
    1,213.3
    
    
    
    1,294.7Deferred income taxes
    
    
    306.9
    
    
    
    273.6Minority interest
    
    
    29.3
    
    
    
    28.3Commitments and contingenciesStockholders equity:Preferred stock
    
    
    
    
    
    
    Common stock
    
    
    1.7
    
    
    
    1.7Paid-in capital
    
    
    1,841.8
    
    
    
    1,817.9Treasury stock, at cost
    
    
    (9.2
    )
    
    
    (8.0
    )Retained earnings
    
    
    902.3
    
    
    
    819.0Accumulated other comprehensive income
    
    
    3.9
    
    
    
    3.3Total stockholders equity
    
    
    2,740.5
    
    
    
    2,633.9Total liabilities and stockholders equity
    
    $
    5,192.5
    
    
    $
    5,097.5




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Pride International, Inc.
Consolidated Statements of Cash Flows  (In millions)
(Unaudited)
 Three Months EndedMarch 31,2007
    
    
    2006Cash flows from operating activities:Net income
    
    $
    101.7
    
    
    $
    70.5Adjustments to reconcile net income to net cash from operating activities:Depreciation and amortization
    
    
    77.6
    
    
    
    65.5Discount amortization on long-term debt
    
    
    0.2
    
    
    
    0.1Amortization and write-offs of deferred financing costs
    
    
    1.0
    
    
    
    1.0Amortization of deferred contract liabilities
    
    
    (12.8
    )
    
    
    (1.1
    )Gain on sale of assets
    
    
    (0.5
    )
    
    
    (26.7
    )Equity in earnings of affiliates
    
    
    0.3
    
    
    
    (0.2
    )Deferred income taxes
    
    
    20.0
    
    
    
    25.5Excess tax benefits from stock-based compensation
    
    
    (1.9
    )
    
    
    Minority interest
    
    
    1.0
    
    
    
    1.4Stock-based compensation
    
    
    6.0
    
    
    
    2.9Loss (gain) on mark-to-market of derivatives
    
    
    1.0
    
    
    
    (1.2
    )Other non-cash items
    
    
    
    
    
    
    3.0Changes in assets and liabilities, net of effects of acquisitions:Trade receivables
    
    
    (64.6
    )
    
    
    (15.8
    )Parts and supplies
    
    
    0.1
    
    
    
    (0.3
    )Prepaid expenses and other current assets
    
    
    8.3
    
    
    
    3.4Other assets
    
    
    (5.0
    )
    
    
    (1.2
    )Accounts payable
    
    
    (17.1
    )
    
    
    (10.4
    )Accrued expenses
    
    
    (11.8
    )
    
    
    (18.5
    )Other liabilities
    
    
    (3.1
    )
    
    
    1.9Increase (decrease) in deferred revenue
    
    
    (15.3
    )
    
    
    (6.4
    )Decrease (increase) in deferred expense
    
    
    7.2
    
    
    
    12.4Net cash flows from operating activities
    
    
    92.3
    
    
    
    105.8Cash flows from investing activities:Purchases of property and equipment
    
    
    (67.6
    )
    
    
    (46.0
    )Proceeds from dispositions of property and equipment
    
    
    0.5
    
    
    
    51.9Investments in and advances to affiliates
    
    
    
    
    
    
    (0.9
    )Net cash flows used in investing activities
    
    
    (67.1
    )
    
    
    5.0Cash flows from financing activities:Repayments of borrowings
    
    
    (96.1
    )
    
    
    (202.2
    )Proceeds from debt borrowings
    
    
    63.0
    
    
    
    166.0Debt finance costs
    
    
    
    
    
    
    (0.1
    )Decrease in restricted cash
    
    
    0.8
    
    
    
    Proceeds from exercise of stock options
    
    
    8.7
    
    
    
    18.9Excess tax benefits from stock-based compensation
    
    
    1.9
    
    
    
    Proceeds from issuance of common stock
    
    
    2.1
    
    
    
    1.4Net cash flows used in financing activities
    
    
    (19.6
    )
    
    
    (16.0
    )Increase (decrease) in cash and cash equivalents
    
    
    5.6
    
    
    
    94.8Cash and cash equivalents, beginning of year
    
    
    64.1
    
    
    
    45.1Cash and cash equivalents, end of year
    
    $
    69.7
    
    
    $
    139.9




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Pride International, Inc.
Quarterly Operating Results by Segment  (In millions)
(Unaudited)
 Three Months EndedMarch 31,
    
    
    December 31,
    
    
    March 31,2007
    
    
    2006
    
    
    2006Revenues:Offshore
    
    $
    461.1
    
    
    $
    432.9
    
    
    $
    368.9Latin America Land
    
    
    172.7
    
    
    
    159.6
    
    
    
    135.9E&P Services
    
    
    48.3
    
    
    
    51.2
    
    
    
    38.9Other
    
    
    29.9
    
    
    
    25.5
    
    
    
    23.2Corporate
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    712.0
    
    
    $
    669.2
    
    
    $
    566.9Earnings from operations:Offshore
    
    $
    171.6
    
    
    $
    128.0
    
    
    $
    126.2Latin America Land
    
    
    30.7
    
    
    
    29.0
    
    
    
    22.5E&P Services
    
    
    6.5
    
    
    
    7.2
    
    
    
    3.9Other
    
    
    2.3
    
    
    
    5.3
    
    
    
    2.9Corporate
    
    
    (34.4
    )
    
    
    (35.3
    )
    
    
    (25.7
    )Total
    
    $
    176.7
    
    
    $
    134.3
    
    
    $
    129.8




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Pride International, Inc.
Quarterly Selected Segment Metrics
 Offshore Segment
 Q1 2007
    
    Q4 2006
    
    Q1 2006Average Daily
    
    Average Daily
    
    Average DailyRevenues (1)
    
    Utilization(2)
    
    Revenues (1)
    
    Utilization(2)
    
    Revenues (1)
    
    Utilization(2)Deepwater
    
    $
    195,400
    
    
    
    98
    %
    
    $
    193,000
    
    
    
    88
    %
    
    $
    195,400
    
    
    
    98
    %Midwater
    
    $
    150,000
    
    
    
    99
    %
    
    $
    129,800
    
    
    
    91
    %
    
    $
    150,000
    
    
    
    99
    %Jackups
    
    $
    90,700
    
    
    
    80
    %
    
    $
    90,100
    
    
    
    80
    %
    
    $
    90,700
    
    
    
    80
    %Other
    
    $
    45,500
    
    
    
    71
    %
    
    $
    47,900
    
    
    
    61
    %
    
    $
    45,500
    
    
    
    71
    %
 
 (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. Latin America Land Segment
 Q1 2007
    
    Q4 2006
    
    Q1 2006Average Daily
    
    Average Daily
    
    Average DailyRevenues (1)
    
    Days Worked(2)
    
    Revenues (1)
    
    Days Worked(2)
    
    Revenues (1)
    
    Days Worked(2)Drilling
    
    $
    16,500
    
    
    
    5,775
    
    
    $
    15,400
    
    
    
    5,602
    
    
    $
    14,300
    
    
    
    5,502Workover
    
    $
    7,000
    
    
    
    11,107
    
    
    $
    6,900
    
    
    
    10,635
    
    
    $
    5,500
    
    
    
    10,440
 
 (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.(2)
    
    Days worked is calculated as the total days worked by all rigs of each type during the period.