Pride International, Inc., has acquired from Sonangol, the national oil company of Angola, an additional 40% interest in the joint venture companies that own the two ultra-deepwater drill-ships Pride Africa and Pride Angola, the jackup Pride Cabinda, and hold management agreements for the deepwater platform rigs Kizomba A and Kizomba B

World Oil, Feb, 2006

Pride International, Inc., has acquired from Sonangol, the national oil company of Angola, an additional 40% interest in the joint venture companies that own the two ultra-deepwater drill-ships Pride Africa and Pride Angola, the jackup Pride Cabinda, and hold management agreements for the deepwater platform rigs Kizomba A and Kizomba B.

The acquisition increases Pride's interest in the joint venture companies from 51% to 91%, with Sonangol continuing to hold a 9% interest. The transaction was for about $175 million.