Document:

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                                                                   EXHIBIT 10.12

                            PRIDE INTERNATIONAL, INC.
                                 1993 DIRECTORS'
                                STOCK OPTION PLAN

                                Fourth Amendment

     Pride International, Inc. (the "Company") having previously established the
Pride Petroleum Services, Inc. 1993 Directors' Stock Option Plan effective
February 22, 1993, as thereafter amended effective May 22, 1997 and December 4,
1997 (the "Plan"), and having reserved the right under Section XVIII thereof to
amend the Plan, does hereby amend Section 12.4 of the Plan by deleting it in its
entirety.

     This Amendment shall be effective as of August 21, 2001.

                                       PRIDE INTERNATIONAL, INC.

                                       By: /s/ ROBERT W. RANDALL
                                          -------------------------------------
                                          Robert W. Randall, Vice President<PAGE>
                                                                   EXHIBIT 10.13

                          THE PRIDE INTERNATIONAL, INC.
                                 1993 DIRECTORS'
                                STOCK OPTION PLAN

                                 Fifth Amendment

     Pride International, Inc. (the "Company") having previously established the
Pride Petroleum Services, Inc. 1993 Directors' Stock Option Plan effective
February 22, 1993, as thereafter amended effective May 22, 1997, December 4,
1997 and February 26, 1998 (the "Plan"), and having reserved the right under
Section XVIII thereof to amend the Plan, does hereby amend Section X of the Plan
in its entirety to read as follows:

          "X. TRANSFERABILITY OF OPTIONS

          10.1 Except as otherwise provided in Section 10.2, an Option granted
     hereunder shall not be transferable, whether by operation of law or
     otherwise, other than by will or the laws of descent and distribution, or
     pursuant to a qualified domestic relations order as defined in the Code,
     and any Option granted hereunder shall be exercisable, during the lifetime
     of the optionee, only by such optionee.

          10.2 Subject to approval by the Committee in its sole discretion, all
     or a portion of the Options granted to an optionee under the Plan may be
     transferable by the optionee, to the extent and only to the extent
     specified in such approval, to (i) the children or grandchildren of the
     optionee ("Immediate Family Members"), (ii) a trust or trusts for the
     exclusive benefit of such Immediate Family Members ("Immediate Family
     Member Trusts"), (iii) a partnership or partnerships in which such
     Immediate Family Members have at least 99% of the equity, profit and loss
     interests ("Immediate Family Member Partnerships"), or (iv) an organization
     or organizations qualifying under Code Section 501(c)(3) ("Charitable
     Organizations"); provided that the option agreement pursuant to which such
     Options are granted (or an amendment thereto) must expressly provide for
     transferability in a manner consistent with this Section. Subsequent
     transfers of transferred Options shall be prohibited except by will or the
     laws of descent and distribution, unless such transfers are made to the
     original optionee or a person to which the original optionee could have
     made a transfer in the manner described herein. No transfer shall be
     effective unless and until written notice of such transfer is provided to
     the Committee, in the form and manner prescribed by the Committee.
     Following transfer, any such Options shall continue to be subject to the
     same terms and conditions as were applicable immediately prior to transfer,
     and, except as otherwise provided herein, the term optionee shall be deemed
     to refer to the transferee."
<PAGE>

          This amendment shall be effective as of December 19, 2001.

                                           PRIDE INTERNATIONAL, INC.

                                           By:       /s/ ROBERT W. RANDALL
                                               ---------------------------------
                                               Robert W. Randall, Vice President

ATTEST:

/s/ JUANITA VERDIN
---------------------------------<PAGE>

                            PRIDE INTERNATIONAL, INC.

                           EMPLOYMENT/NON-COMPETITION/
                            CONFIDENTIALITY AGREEMENT

                               JORGE E. ESTRADA M.

                         EFFECTIVE DATE: JANUARY 1, 2002

================================================================================

                                      -1-
<PAGE>

              EMPLOYMENT/NON-COMPETITION/CONFIDENTIALITY AGREEMENT

DATE:                      January 1, 2002

COMPANY/EMPLOYER:          Pride International, Inc.
                           5847 San Felipe, Suite 3300
                           Houston, Texas 77057

EXECUTIVE/EMPLOYEE:        Jorge E. Estrada M.

         This Agreement is made as of the date first above written and to become
effective as herein provided.

                                    PREAMBLE

         WHEREAS, the Company wishes to attract and retain well-qualified key
personnel and to assure itself of the continuity of its management;

         WHEREAS, Executive is a Director of the Company with significant
responsibilities in the conduct of its business;

         WHEREAS, the Company recognizes that Executive is a valuable resource
of the Company and the Company desires to be assured of the continued services
of Executive;

         WHEREAS, the Company desires to obtain assurances that Executive will
devote his best efforts to the Company and will not enter into competition with
the Company in its business as now conducted and to be conducted, or solicit
customers or other employees of the Company to terminate their relationships
with the Company;

         WHEREAS, Executive is a key employee and Director of the Company and he
acknowledges that his talents and services to the Company are of a special,
unique, unusual and extraordinary character and are of particular and peculiar
benefit and importance to the Company;

         WHEREAS, the Company is concerned that in the event of a possible or
threatened change in control of the Company, uncertainties necessarily arise;
the Company, therefore, desires to provide Executive assurances as to the
continuation of his status and responsibilities in such event;

         WHEREAS, Executive is willing to continue to serve as such but desires
assurances that in the event of such a change in control he will continue to
have the status and responsibilities he could reasonably expect absent such
event and, that in the event this turns out not to be the case, he will have
fair and reasonable severance protection on the basis of his service to the
Company to that time;

                                      -2-
<PAGE>
         WHEREAS, different factors affect the Company and Executive under
circumstances of regular employment between the Company and the Executive when
there is no threat of change in control and/or none has occurred, as opposed to
circumstances under which a change in control is rumored, threatened, occurring
or has occurred. For this reason this Employment Agreement is primarily in two
parts. One part deals with the regular employment of Executive under
circumstances whereby no change in control is threatened, occurring or occurred;
herein called "Regular Employment". The second part deals with circumstances
whereby a change in control is threatened, occurring or has occurred. Other
parts of the Agreement deal with matters affecting both Regular Employment and
employment following change in control, including non-competition and
confidentiality; and

         WHEREAS, Executive is willing to enter into and carry out the
Non-Competition and Confidentiality Agreement set forth herein in consideration
of the employment agreement set forth herein.

                                    AGREEMENT

         NOW, THEREFORE, the parties agree as follows:

I.       PRIOR AGREEMENTS/EMPLOYMENT CONTRACTS.

1.01     Prior Agreements. All prior agreements between the parties, including
         but not limited to that certain agreement dated February 6, 1997 and
         its amendment dated September 16, 1999 ("Compensation Agreement") are
         hereby terminated as of the Effective Date. All obligations of both
         parties have been fully satisfied under the Compensation Agreement.

II       DEFINITION OF TERMS.

2.01     Company. Company means Pride International, Inc., as the same presently
         exists, as well as any and all successors, regardless of the nature of
         the entity or the State or Nation of organization, whether by
         reorganization, merger, consolidation, absorption or dissolution. For
         the purpose of the Non-Competition and Confidentiality agreement,
         Company includes any subsidiary or affiliate of the Company to the
         extent it is carrying on any portion of the business of the Company or
         a business similar to that being conducted by the Company.

2.02     Executive/Officer Employee. Executive/Officer/Employee means Jorge E.
         Estrada M.

2.03     Office/Position/Title. Executive shall be a Company representative for
         Business Development.

2.04     Effective Date. This Agreement becomes effective and binding as of
         January 1, 2002.

                                      -3-
<PAGE>
2.05     Change in Control. The term a "Change in Control" of the Company shall
         mean, and shall be deemed to have occurred on the date of the first to
         occur of any of the following:

         a.    there occurs a Change in Control of the Company of the nature
               that would be required to be reported in response to item 6(e) of
               Schedule 14A of Regulation 14A or Item 1 of Form 8(k) promulgated
               under the Securities Exchange Act of 1934 as in effect on the
               date of this Agreement, or if neither item remains in effect, any
               regulations issued by the Securities and Exchange Commission
               pursuant to the Securities Exchange Act of 1934 which serve
               similar purposes;

         b.    any person (as such term is used in Sections 12(d) and 14(d)(2)
               of the Securities Exchange Act of 1934) is or becomes a
               beneficial owner, directly or indirectly, of securities in excess
               of the amount set out in the Company's Rights Agreement dated
               September 13, 2001, as amended from time to time or/as otherwise
               modified by the Company's Board of Directors.

         c.    the individuals who were members of the Board of Directors of the
               Company immediately prior to a meeting of the shareholders of the
               Company involving a contest for the election of Directors shall
               not constitute a majority of the Board of Directors following
               such election;

         d.    the Company shall have merged into or consolidated with another
               corporation, or merged another corporation into the Company, on a
               basis whereby less than fifty percent (50%) of the total voting
               power of the surviving corporation is represented by shares held
               by former shareholders of the Company prior to such merger or
               consolidation;

         e.    the Company shall have sold transferred or exchanged all, or
               substantially all, of its assets to another corporation or other
               entity or person.

2.06     Termination. The term "termination" shall mean termination, prior to
         the expiration of the Employment Period, of the employment of the
         Executive with the Company [including death and disability (as
         described below)] for any reason other than cause (as described below)
         or voluntary resignation (as described below). Termination includes
         "Constructive Termination" as described below. Termination includes
         non-renewal or failure to extend this Agreement at the end of any
         employment term, except for cause.

         a.    The term "disability" means physical or mental incapacity
               qualifying the Executive for a long-term disability under the
               Company's long-term disability plan. If no such plan exists on
               the Effective date of this Agreement, the term "disability" means
               physical or mental incapacity as determined by a doctor jointly
               selected by the Executive and the Board of Directors of the
               Company qualifying the Executive for long-term disability under
               reasonable employment standards.

         b.    The term "cause" means: (i) the failure of the Executive to
               perform his duties with

                                      -4-
<PAGE>
               the Company (other than any failure due to physical or mental
               incapacity) after a demand for substantial performance is
               delivered to him by his supervisor which specifically identifies
               the manner in which he believes he has not substantially
               performed his duties, (ii) misconduct materially and demonstrably
               injurious to the Company, (iii) violation of any Company policy
               including the covenant not to compete (except after termination
               under the change in Control provisions and confidentiality
               provisions hereof), or (iv) making a false statement on his
               employment application or any annual D&O questionnaire which are
               incorporated herein by reference. The unwillingness of the
               Executive to accept any change in the nature or scope of his
               position, authorities or duties or any other reasonable request
               of the Company in respect of his position, authority, or
               responsibility may be considered by his supervisor to be a
               failure to perform by the Executive unless it occurs after a
               Change in Control. Notwithstanding the foregoing, the Executive
               shall not be deemed to have been terminated for cause for
               purposes of this Agreement unless and until there shall have been
               delivered to him a letter setting out the particulars and basis
               for his termination for cause.

         c.    The resignation of the Executive shall be deemed "voluntary" if
               it is for any reason other than one or more of the following:

               (1)   the Executive's resignation or retirement is requested by
                     the Company other than for cause;

               (2)   any reduction in the Executive's total compensation or
                     benefits from that provided in the Compensation and
                     Benefits Section hereof;

               (3)   the material breach by the Company of any other provision
                     of this Agreement;

               (4)   non-renewal or failure to extend any employment term,
                     contrary to the wishes of the Executive.

         Termination that entitles the Executive to the payments and benefits
provided in the "Termination payments and Benefits" Section hereof shall not be
deemed or treated by the Company as the termination of the Executive's
employment or the forfeiture of his participation, award, or eligibility, for
the purpose of any plan, practice or agreement of the Company referred to in the
Compensation and Benefits Section hereof.

2.07     Customer. The term "Customer" includes all persons, firms or entities
         that are purchasers or end-users of services or products offered,
         provided, developed, designed, sold, or leased by the Company during
         the relevant time periods, and all persons, firms or entities which
         control or which are controlled by the same person, firm or entity
         which controls such purchase.

                                      -5-
<PAGE>
III      EMPLOYMENT.

3.01     Employment. Except as otherwise provided in this Agreement, the Company
         hereby agrees to continue the Executive in its employ, and the
         Executive hereby agrees to remain in the employ of the Company, for the
         Term of Employment ("Employment Period") herein specified. During the
         Employment Period, Executive shall exercise such position and authority
         and perform such responsibilities as are commensurate with the position
         and as directed by his supervisor which services shall be performed at
         such location as the Company may reasonably require.

3.02     Best Efforts and other Employment of Executive.

         a.    Executive agrees that he will at all times faithfully,
               industriously and to the best of his ability, experience and
               talents, perform all of the duties that may be required of and
               from him pursuant to the express and implicit terms hereof, to
               the reasonable satisfaction of the Company and in compliance with
               the Company Policy Manual. Said duties shall be rendered at such
               place or places within or outside the United States as the
               Company shall in good faith require or as the interest, needs,
               business, or opportunities of the Company shall require.

         b.    Executive shall have the right to make investments in businesses
               and engage in activities other than those engaged by the Company.
               Executive shall also have the right to engage in any outside
               activities and businesses which are not being engaged in by the
               Company and which shall not otherwise interfere with the
               performance of his duties hereunder. Executive shall have the
               right to make investments in the manner and to the extent
               authorized and set forth in the Non-Competition Section of this
               Agreement and the Securities' Transaction Policy of the Company
               (Policy I-37 dated 12-1-97).

3.03     Term of Employment. ("Employment Period"). Executive's regular
         employment (no Change in Control being presently contemplated) will
         commence on the Effective Date of this Agreement and will be a for a
         term of three (3) years ending at 12:00 o'clock midnight December 31,
         2004; thereafter, the Term of Employment of executive will be
         automatically extended for successive terms of one (1) year each
         commencing January 1, 2005, and on January 1 of each year thereafter,
         unless Company or Executive gives written notice to the other that
         employment will not be renewed or continued after the next scheduled
         expiration date which is not less than one (1) year after the date that
         the notice of non-renewal was given. All extended employment terms will
         be considered to be within the Employment Period while Executive is
         employed with the Company.

3.04     Compensation and Benefits. During the Employment Period the Executive
         shall receive the following compensation and benefits:

                                      -6-
<PAGE>
         a.    He shall receive an annual base salary which is not less than his
               annual base salary, with the opportunity for increases, from time
               to time thereafter, which are in accordance with the Company's
               regular executive compensation practices ("annual base salary").
               Executive's salary will be reviewed at least annually.
               Executive's initial annual base salary will be $180,000.

         b.    He shall not be eligible to participate in the annual bonus, and
               other incentive compensation plans, which provide opportunities
               to receive compensation in addition to his annual base salary,
               which is provided by the Company for Executives with comparable
               duties. However, he shall be eligible to participate in the
               Company's annual award of stock options to employees and he may
               be entitled to an "outstanding achievement" bonus as determined
               solely at the discretion of the Company's Board of Directors.

         c.    To the extent such plans exist immediately prior to the Effective
               Date of this Agreement, he will be entitled to receive and
               participate in exempt employee benefits (including, but not
               limited to, medical, life, health, accident and disability
               insurance and disability benefits) and perquisite provided by the
               Company to Executives with comparable duties.

         d.    He shall be entitled to reimbursement of reasonable business
               expenses.

         e.    Participation in any other executive incentive stock and benefit
               plans approved by the Committee provided they are permitted in
               the jurisdiction of Executive's primary residence.

3.05     Termination without Change In Control. The Company shall have the right
         to terminate Executive at any time during the Employment Period
         (including any extended term). Should the Company choose not to renew
         or extend the employment Period of this Employment Agreement or choose
         to terminate the Executive, during or at the end of the Employment
         Period, or in the event of death or disability of the Executive, if the
         termination is not after a Change in Control and is not for cause, the
         Company shall, within thirty (30) days following such termination, pay
         and provide to the Executive (or his Executor, Administrator or Estate
         in the event of death, as soon as reasonably practical):

         a.    An amount equal to one (1) full year of his base salary
               (including the amount allocated to the covenant not to compete),
               which base salary is here defined as twelve (12) times the then
               current monthly salary in effect for the Executive and all other
               benefits due him based upon the salary in effect on the Date of
               Termination (but not less than the highest annual base salary
               paid to the Executive during any of the three (3) years
               immediately preceding his Date of Termination). There shall be
               deducted only such amounts as may be required by law to be
               withheld for taxes and other applicable deductions.

         b.    The Company shall make available to Executive and his immediate
               family (as

                                      -7-
<PAGE>
               defined in the Company Plan) for a period of one (1) full year
               following the date of Termination, life, health, accident and
               disability insurance, (under COBRA) which are not less than the
               highest benefits furnished to the Executive and his immediate
               family (as defined in the Company Plan) during the term of this
               Agreement.

         c.    The Company shall pay, distribute and otherwise provide to the
               Executive the amount and value of his entire plan account and
               interest under any employee benefit plan, investment plan or
               stock ownership plan, if any exists on the Date of Termination,
               and all employer contributions made or payable to any such plan
               for his account prior to the end of the month in which
               Termination occurs shall be deemed vested and payable to him.
               Such payment or distribution shall be in accordance with the
               elections made by the Executive in respect of distributions in
               accordance with the plan as if the Executive's employment in the
               Company terminated at the end of the month in which Termination
               occurs.

         d.    All stock options and awards to which the Executive is entitled
               will immediately vest and the time for exercising any option will
               be as specified in the plan as if the Executive were still
               employed by the Company; provided however, if the immediate
               vesting of all benefits under the plan is not permitted by the
               plan, then the benefits will be vested only to the extent
               authorized or permitted by the plan.

         e.    All life, health, hospitalization, medical and accident benefits
               available to Executive's spouse and dependents (as defined in the
               Company Plan) shall continue (under COBRA) for the same term as
               the Executive's benefits or and if the Executive dies, all
               benefits will be provided for a term of one (1) year (or two (2)
               years after a change in Control) after the date of death of the
               Executive to such spouse and dependents (as defined in the
               Company Plan).

         f.    The Company's obligation under this section to continue to pay or
               provide health care, life, accident and disability insurance to
               the Executive, the Executive's spouse and Executive's dependents
               (as defined in the Company plan), during the remainder of the
               Employment Period shall be reduced when and to the extent of any
               such benefits are paid or provided to the Executive by another
               employer or another plan.

         g.    The Company shall deduct applicable withholding taxes in
               performing its obligation under this Section.

         Nothing in this Section is intended, nor shall be deemed or
interpreted, to be an amendment to any compensation, benefit or other plan to
the Company. To the extent the Company's performance under this Section includes
the performance of the Company's obligations to the Executive under any other
plan or under another agreement between the Company and the Executive, the
rights of the Executive under such other plan or other agreements, which are
discharged under this Agreement, are discharged, surrendered, or released pro
tanto.

                                      -8-
<PAGE>
IV       CHANGE IN CONTROL

4.01     Extension of Employment Period. Upon any Change in Control the
         Employment Period shall be immediately and without further action
         extended for a term of two (2) years following the Effective Date of
         the Change in Control and will expire at 12:00 o'clock midnight on the
         last day of the month following two (2) years after the Change in
         Control. Thereafter, the employment period will be extended for
         successive terms of one (1) year each, unless terminated, all in the
         manner specified in the Term of Employment Section pertaining to
         regular employment.

4.02     Change in Control Termination Payments and Benefits. In the event the
         Executive is terminated within two (2) years following a Change in
         Control, the Executive will receive the payments and benefits specified
         in the "Termination without Change in Control" Section in the same time
         and manner therein specified except as amended and modified hereby:

         a.    The salary and benefits specified in Section 3.05a. Will be paid
               based upon a multiple of two (2) years (instead of one (1) year).

         b.    Life, health, accident and disability insurance specified in
               section 3.05b. Will be provided until (i) Executive becomes
               re-employed or receives similar benefits from a different source
               or (ii) the duration of his COBRA entitlement, whichever is
               earlier.

         c.    All other rights and benefits specified in section 3.05.

4.03     Voluntary Resignation upon Change in Control. If the Executive
         voluntarily resigns his employment within six (6) months after a Change
         in Control (whether or not Company may be alleging the right to
         terminate employment for cause), he will receive the same payments,
         compensation and benefits as if he had been terminated on the date of
         resignation after Change in Control.

V.       NON-COMPETITION AND CONFIDENTIALITY

5.01     Consideration. The base salary awarded to the Executive and to be paid
         to the Executive in the future includes consideration for the
         Non-Competition and Confidentiality agreement set forth herein and the
         amount to be paid to Executive in the event of the termination of
         employment of Executive, voluntarily, involuntarily, or under a Change
         of Control, under Section 3.05 a. and 4.02a. Hereof constitute payment,
         in part, for the Non-Competition and Confidentiality of the Executive.
         It is contracted, stipulated and agreed that fifteen percent (15%) of
         such amount paid and to be paid to the Executive shall constitute the
         consideration

5.02     Non-Competition. Executive acknowledges that his employment with the
         company has in the past and will, of necessity, provide him with
         specialized knowledge, which if used in competition with the Company
         could cause serious harm to the Company. Accordingly, the Executive
         agrees that during his employment with the company and for a period of
         one (1)

                                      -9-
<PAGE>
         year after he is no longer employed by the Company (unless his
         employment is terminated after a Change in Control, in which event
         there will be no covenant not to compete and the provisions of the
         covenant not to compete herein contained will terminate on the date of
         termination of Executive). Executive will not, directly or indirectly,
         either as an individual, proprietor, stockholder {other than as a
         holder of up to one percent (1%) of the outstanding shares of a
         corporation whose shares are listed on a stock exchange or traded in
         accordance with the automated quotation system of the National
         Association of Securities Dealers}, partner, officer, employee or
         otherwise:

         a.    work for, become an employee of, invest in, provide consulting
               services or in any way engage in any business which provides,
               produces, leases or sells products or services of the same or
               similar type provided, produced, leased or sold by the Company,
               within one (1) year preceding the Executive's termination of
               employment, in any area where the Company provided, produced,
               leased or sold such products or services at any time during the
               one (1) year preceding such termination of employment; or

         b.    provide, sell, offer to sell, lease, offer to lease, or solicit
               any orders for any products or services which the Company
               provided within one (1) year preceding Executive's termination of
               employment, to or from any person, firm or entity which was a
               customer for such products or services of the Company during the
               one (1) year preceding such termination from whom the Company had
               solicited business during such one (1) year; or

         c.    solicit, aid, counsel or encourage any officer, director,
               employee or other individual to (i) leave his or her employment
               or position with the Company or (ii) compete with the business of
               the Company, or (iii) violate the terms of any employment,
               non-competition or similar agreement with the Company; or

         d.    employ, directly or indirectly; permit the employment of;
               contract for services or work to be performed by; or otherwise
               use, utilize or benefit from the services of any officer,
               director, employee or any other individual holding a position
               with the Company within two (2) years after the Date of
               Termination of employment of Executive with the Company or within
               two (2) years after such officer, director, employee or
               individual terminated employment with the Company, whichever
               occurs earlier.

5.03     Confidentiality. Executive acknowledges that his employment with the
         Company has in the past and will, of necessity, provide him with
         specialized knowledge, which, if used in competition with the Company,
         or divulged to others, could cause serious harm to the Company.
         Accordingly, executive will not at any time during or after his
         employment by the Company, directly or indirectly, divulge, disclose or
         communicate to any person, firm or corporation in any manner whatsoever
         any information concerning any matter affecting or relating to the
         Company or the business of the Company. While engaged as an employee of
         the Company, Executive may only use information concerning any matters
         affecting or

                                      -10-
<PAGE>
         relating to the Company or the business of the company for a purpose
         which is necessary to the carrying out of the Executive's duties as an
         employee of the company, and Executive may not make use of any
         information of the Company after he is no longer an employee of the
         company. Executive agrees to the foregoing without regard to whether
         all of the foregoing matters will be deemed confidential, material or
         important, it being stipulated by the parties that all information,
         whether written or otherwise regarding the Company's business,
         including, but not limited to, information regarding customers,
         customer lists, costs, prices, earnings, products, services, formulae,
         compositions, machines, equipment, apparatus, systems, manufacturing
         procedures, operations, potential acquisitions, new location plans,
         prospective and executed contracts and other business arrangements, and
         sources of supply, is prima facie presumed to be important, material
         and confidential information of the Company for the purposes of this
         Agreement, except to the extent that such information may be otherwise
         lawfully and readily available to the general public. Executive further
         agrees that he will, upon termination of his employment with the
         Company, return to the Company all books, records, lists and other
         written, typed or printed materials, whether furnished by the Company
         or prepared by Executive, which contain any information relating to the
         Company's business, and Executive agrees that he will neither make nor
         retain any copies of such materials after termination of employment.

5.04     Geographical Area. The geographical area within which the
         non-competition covenants of this Agreement shall apply is any country
         where there is located: (i) any of the Company's present offices, (ii)
         any of the Company's present rig yards or rig operations, any well
         servicing operations, and (iii) any additional location where the
         Company, as of the date of any action taken in violation of the
         non-competition covenants of this Agreement, has an office, a rig yard,
         rig operation, well servicing operations or definitive plans to locate
         an office, such a facility or has recently conducted such operations.

5.05     Company Remedies for Violation of Non-Competition or Confidentiality
         Agreement. Without limiting the right of the Company to pursue all
         other legal and equitable rights available to it for violation of any
         of the covenants made by Executive herein, it is agreed that:

         a.    the skills, experience and contacts of Executive are of a
               special, unique, unusual and extraordinary character which give
               them a peculiar value;

         b.    the restrictions agreed to by Executive as to time and area
               contained in this agreement are reasonable; and

         c.    the injury suffered by the Company by a violation of any covenant
               in this Agreement resulting from loss of profits created by the
               competitive use of such skills, experience and contacts and
               otherwise will be difficult to calculate in damages in an action
               at law and cannot fully compensate the Company for any violation
               of any covenant in this Agreement. Accordingly:

               (1)   the Company shall be entitled to injunctive relief to
                     prevent violations thereof and to prevent Executive from
                     rendering any services to any

                                      -11-
<PAGE>

                     person, firm or entity in breach of such covenant and to
                     prevent Executive from divulging any confidential
                     information; and

               (2)   compliance with this Agreement is a condition precedent to
                     the Company's obligation to make payments of any nature
                     to Executive.

5.06     Termination of Benefits for Violation of Non-Competition and
         Confidentiality. If Executive's termination was not after a Change in
         Control and if Executive shall be violating the Confidentiality and/or
         Non-Competition Agreement or any agreement he may have signed as an
         employee of the Company, Executive agrees that if after receipt of
         written notice he shall continue such action, that there shall be no
         obligation on the part of the Company to provide any payments or
         benefits (other than payments or benefits already earned or accrued)
         described in the Termination of Rights and Benefits Section hereof,
         subject to the provisions of Section 6.01 hereof. There will be no
         withholding of benefits or payments if the termination occurred after a
         Change in Control and Executive will not be bound by the
         non-competition provisions if terminated while the Change in Control
         provisions hereof are applicable.

VI.      GENERAL.

6.01     Enforcement Costs. The Company is aware that upon the occurrence of a
         Change in Control, or under other circumstances even when a Change in
         Control has not occurred, the Board of Directors or a shareholder of
         the Company may cause or attempt to cause the Company to refuse to
         comply with its obligations under this Agreement, or may cause or
         attempt to cause the Company to institute, or may institute, litigation
         seeking to have this Agreement declared unenforceable, or may take, or
         attempt to take, other action to deny Executive the benefits intended
         under this Agreement; or actions may be taken to enforce the
         non-competition or confidentiality provisions of this Agreement. In
         these circumstances, the purpose of this Agreement could be frustrated.
         It is the intent of the parties that the Executive not be required to
         incur the legal fees and expenses associated with the protection or
         enforcement of his rights under this Agreement by litigation or other
         legal action because such costs would substantially detract from the
         benefits intended to be extended to Executive hereunder, nor be bound
         to negotiate any settlement of his rights hereunder under threat of
         incurring such costs. Accordingly, if at any time after the Effective
         Date of this Agreement, it should appear to Executive that the Company
         is or has acted contrary to or is failing or has failed to comply with
         any of its obligations under this Agreement for the reason that it
         regards this Agreement to be void or unenforceable, that Executive has
         violated the terms of this Agreement, or for any other reason, or that
         the Company has purported to terminate his employment for cause or is
         in the course of doing so, or is withholding payments or benefits, or
         is threatening to withhold payments or benefits, contrary to this
         Agreement, or in the event that the Company or any other person takes
         any action to declare this Agreement void or unenforceable, or
         institutes any litigation or other legal action designed to deny,
         diminish or to recover from Executive the benefits provided or intended
         to be provided to him hereunder, and Executive has acted in good faith
         to perform his obligations under this Agreement, the

                                      -12-
<PAGE>
         Company irrevocably authorizes Executive from time to time to retain
         counsel of his choice at the expense of the Company to represent him in
         connection with the protection and enforcement of his rights hereunder,
         including, without limitation, representation in connection with
         termination of his employment or withholding of benefits or payments
         contrary to this Agreement or with the initiation or defense of any
         litigation or any other legal action, whether by or against Executive,
         or the Company or any Director, Officer, Shareholder or other person
         affiliated with the Company, in any jurisdiction. Company is not
         authorized to withhold the periodic payments of attorneys' fees and
         expenses hereunder based upon any belief or assertion by the Company
         that Executive has not acted in good faith or has violated this
         Agreement. If Company subsequently establishes that Executive was not
         acting in good faith and has violated this Agreement; Executive will be
         liable to the Company for reimbursement of amounts paid due to
         Executive's actions not based on good faith and in violation of this
         Agreement. The reasonable fees and expenses of counsel selected from
         time to time by Executive as hereinabove provided shall be paid or
         reimbursed to Executive by the Company, on a regular, periodic basis
         within thirty (30) days after presentation by Executive of a statement
         or statements prepared by such counsel in accordance with its customary
         practices, up to a maximum aggregate amount of One Hundred Fifty
         Thousand Dollars ($150,000.00).

6.02     Income, Excise or other Tax Liability. Executive will be liable for an
         will pay all income tax liability by virtue of any payments made to
         Executive under this Agreement, as if the same were earned and paid in
         the normal course of business and not the result of a Change in
         Control.

6.03     Payment of Benefits upon Termination for Cause. If the termination of
         Executive is for cause and not after a Change in Control, the Company
         will have the right to withhold all payments (except those specified in
         Section 6.01); provided however, that if a final judgment is entered
         finding that cause did not exist for termination, the Company will pay
         all benefits to Executive to which he would have been entitled had the
         termination not been for cause, plus interest on all amounts withheld
         from Executive at the rate specified for judgments under Article
         5069-1.05 V.A.T.S. If the termination for cause occurs after a Change
         in Control, the Company shall not have the right to suspend or withhold
         payments to Executive under any provision of this Agreement until or
         unless a final judgment is entered upholding the Company's
         determination that the termination was for cause, in which event
         Executive will be liable to the Company for all amounts paid, plus
         interest at the rate allowed for judgments under Article 5069-1.05
         V.A.T.S.

6.04     Exclusive Agreement. The specific arrangements referred to herein are
         intended to exclude Executive's participation in other Company
         benefits, viz the Company bonus and incentive plan, available to
         executive personnel generally. The Board of Directors of the Company
         may at any time, limit, or further reduce or increase any compensation
         or benefits to Executive.

6.05     Notices. Notices, requests, demands and other communications provided
         for by this Agreement shall be in writing and shall either be
         personally delivered by hand or sent by: (i)

                                      -13-
<PAGE>
         Registered or Certified Mail, Return Receipt Requested, postage
         prepaid, properly packaged, addressed and deposited in the United
         States Postal System; (ii) via facsimile transmission if the receiver
         acknowledges receipt; or (iii) via Federal Express or other expedited
         delivery service provided that acknowledgment of receipt is received
         and retained by the deliverer and furnished to the sender, if to
         Executive, at the last address he has filed, in writing, with the
         Company, or if to the Company, to its Corporate Secretary at is
         principal executive offices.

6.06     Non-Alienation. Executive shall not have any right to pledge,
         hypothecate, anticipate, or in any way create a lien upon any amounts
         provided under this Agreement, and no payments or benefits due
         hereunder shall be assignable in anticipation of payment either by
         voluntary or involuntary acts or by operation of law. So long as
         Executive lives, no person, other than the parties hereto, shall have
         any rights under or interest in this Agreement or the subject matter
         hereof. Upon the death of Executive, his Executors, Administrators,
         Devisees and Heirs, in that order, shall have the right to enforce the
         provisions hereof.

6.07     Entire Agreement: Amendment. This Agreement constitutes the entire
         agreement of the parties with respect of the subject matter hereof. No
         provision of this Agreement may be amended, waived, or discharged
         except by the mutual written agreement of the parties. The consent of
         any other person(s) to any such amendment, waiver or discharge shall
         not be required.

6.08     Successors and Assigns. This Agreement shall be binding upon and inure
         to the benefit of the Company, its successors and assigns, by operation
         of law or otherwise, including, without limitation, any corporation or
         other entity or persons which shall succeed (whether direct or
         indirect, by purchase, merger, consolidation or otherwise) to all or
         substantially all of the business and/or assets of the Company, and the
         Company will require any successor, by agreement in form and substance
         satisfactory to Executive, expressly to assume and agree to perform
         this Agreement. Except as otherwise provided herein, this Agreement
         shall be binding upon and inure to the benefit of Executive and his
         legal representatives, heirs and assigns, provided however, that in the
         event of Executive's death prior to payment or distribution of all
         amounts, distributions and benefits due him hereunder, each such unpaid
         amount and distribution shall be paid in accordance with this Agreement
         to the person or persons designated by Executive to the Company to
         receive such payment or distribution and in the event Executive has
         made no applicable designation, to his Estate. If the Company should
         split, divide or otherwise become more than one entity, all liability
         and obligations of the Company shall be the joint and several liability
         and obligation of all of the parts.

6.09     Governing Law. Except to the extent required to be governed by the laws
         of the State and Country of incorporation, the validity, interpretation
         and enforcement of this Agreement shall be governed by the laws of the
         State of Texas.

6.10     Venue. Venue for all proceedings hereunder will be in the U.S. District
         Court for the Southern District of Texas, Houston Division. Executive
         hereby waives his right to request a jury.

                                      -14-
<PAGE>

6.11     Headings. The headings in this Agreement are inserted for convenience
         of reference only and shall not affect the meaning or interpretation of
         this Agreement.

6.12     Severability. In the event that any provision or portion of this
         Agreement shall be determined to be invalid or unenforceable for any
         reason, the remaining provisions of this Agreement shall be binding
         upon the parties hereto and the Agreement will be construed to give
         meaning to the remaining provisions of this agreement in accordance
         with the intent of this Agreement.

6.13     Partial Invalidity. In the event that any part, portion or Section of
         this Agreement is found to be invalid or unenforceable for any reason,
         the remaining provisions of this Agreement shall be binding upon the
         parties hereto and the Agreement will be construed to give meaning to
         the remaining provisions of this Agreement in accordance with the
         intent of this Agreement.

6.14     Counterparts. This Agreement may be executed in one or more
         counterparts, each of which shall be deemed to be original, but all of
         which together constitute one and the same instrument.

         IN WITNESS WHEREOF, Executive has hereunto set his hand and, pursuant
to the authorization from its Board of Directors and the Compensation Committee,
the Company has caused these presents to be executed in its name and on its
behalf, and attested by its Secretary, all as of the day and year first above
written.

         EXECUTED in multiple originals and/or counterparts as of the Effective
Date.

                                              /s/  JORGE E. ESTRADA M.
                                              ----------------------------------
                                              JORGE E. ESTRADA M.

                                              PRIDE INTERNATIONAL, INC.

                                              By: /s/    PAUL A. BRAGG
                                                  ------------------------------
                                                  PAUL A. BRAGG
                                                  President & CEO

ATTEST

By: /s/ ROBERT W. RANDALL
    -----------------------------------
    ROBERT W. RANDALL
    Secretary

                                      -15-

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