Pride International

Pride International, Inc. was an offshore oil drilling company headquartered in Houston, Texas. As of February 2011, it operated 26 drilling rigs.[1] In May 2011, it was acquired by Ensco (now Valaris plc).

Pride International, Inc.
IndustryOffshore drilling
FateAcquired by Ensco (now Valaris plc)
Founded1966 (1966)
DefunctMay 31, 2011 (2011-05-31)
HeadquartersHouston, Texas
Revenue $1.460 billion (2010)
$0.243 billion (2010)
Total assets $6.871 billion (2010)
Total equity $4.516 billion (2010)
Number of employees
3,900 (2010)
Footnotes / references
[1]

History

The company was founded in 1966 in Alice, Texas as Pride Oilwell Service Company.

In 1978, the company was acquired by Dekalb Corporation.

In August 1988, the company was spun out as a public company.[2]

In 1996, the company acquired Quitral-Co. Saic, the largest drilling contractor in Argentina, for $140 million.[3] It also acquired Forasol-Foramer.[4] It also sold its land based operations.[5]

In 1997, the company acquired 12 rigs from Noble Corporation.[6]

In 2001, the company acquired Marine Drilling.[7]

In 2006, the company put executives on leave due to bribery allegations for rig contracts in Mexico and Venezuela.[8]

In August 2009, the company spun off Seahawk Drilling, which owned 20 jackup rigs.[9]

On May 31, 2011, the company was acquired by Ensco (now Valaris plc).[10]

References
  1. "Pride International, Inc. 2010 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "88-79 NASDAQ National Market System Additions, Changes, and Deletions as of September 16, 1988". Financial Industry Regulatory Authority.
  3. "COMPANY NEWS;PRIDE PETROLEUM TO BUY ARGENTINA DRILLING CONTRACTOR". The New York Times. Bloomberg News. March 19, 1996.
  4. "PRIDE PETROLEUM TO BUY FRENCH DRILLING COMPANY". The New York Times. Dow Jones & Company. October 29, 1996.
  5. "PRIDE PETROLEUM TO SELL SOME OPERATIONS". The New York Times. Dow Jones & Company. December 25, 1996.
  6. "PRIDE PETROLEUM TO BUY 12 RIGS FROM NOBLE DRILLING". The New York Times. Bloomberg News. February 21, 1997.
  7. Sidel, Robin; Barrionuevo, Alexei (May 24, 2001). "Pride International Agrees to Merge With Marine Drilling in Stock Deal". The Wall Street Journal.
  8. "Today In Business: Driller Looks Into Bribe Charge". The New York Times. Bloomberg News. July 1, 2006.
  9. "Seahawk Drilling, Inc. Announces Completion of Spin-Off From Pride International" (Press release). Globe Newswire. August 24, 2009.
  10. "Ensco plc Completes Acquisition of Pride International" (Press release). Business Wire. May 31, 2011.
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