HOUSTON, Feb. 28, 2008 (PRIME NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today reported its financial results for the three months and year ended December 31, 2007, a year marked with a number of significant achievements in support of the company's announced strategic transition to offshore drilling with an expanding presence in the deepwater drilling market sector. Net income for the three months ended December 31, 2007 was $135.0 million, or $0.77 per diluted share, compared to net income of $68.9 million, or $0.40 per diluted share, for the fourth quarter of 2006.
Results for the fourth quarter of 2007 included income from discontinued operations of $17.3 million, or $0.10 per diluted share, primarily representing three tender-assist rigs that the company agreed to sell in August 2007 for $213 million in cash. The sale of the three units was completed during the first quarter of 2008. In the fourth quarter of 2006, income from discontinued operations was $36.9 million, or $0.21 per diluted share.
Income from continuing operations totaled $117.7 million, or $0.67 per diluted share, on revenues of $502.3 million in the fourth quarter of 2007, compared to $32.0 million, or $0.19 per diluted share, on revenues of $438.3 million for the corresponding three months in 2006. Results for the three months ended December 31, 2007 included a net gain of $21.4 million, or $0.05 per diluted share, resulting from the sale of non-strategic assets, primarily the barge rig Bintang Kalimantan. Results for the corresponding three months of 2006 included expenses of $14.4 million, or $0.08 per diluted share, relating to the termination of certain agency relationships associated with five of the company's semisubmersible rigs in Brazil.
For the 12 months ended December 31, 2007, net income was a record $784.3 million, or $4.43 per diluted share. The results reflected a gain of $268.6 million, or $1.50 per diluted share, resulting from the sale of the company's Latin America Land and E&P Services segments in August 2007. Over the same 12 months, income from continuing operations totaled $431.8 million, or $2.46 per diluted share, on record revenues of $2,043.8 million. For the 12 months ended December 31, 2006, net income totaled $296.5 million, or $1.72 per diluted share, while income from continuing operations was $188.7 million, or $1.11 per diluted share, on revenues of $1,610.8 million.
Cash flow from operating activities totaled $685.0 million for the 12 months ended December 31, 2007, while capital expenditures were $656.4 million, including $315.9 million invested in two advanced capability, ultra-deepwater drillships currently under construction. The company expects capital expenditures for the 12 months ended December 31, 2008 to be $995 million, with an estimated $610 million relating to the ultra-deepwater drillship construction projects, including a third project announced in January 2008.
Total debt at December 31, 2007 was $1,191.5 million, while net debt (total debt less cash and cash equivalents of $890.4 million) was $301.1 million.
Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., stated, "We achieved record financial performance in 2007, with continued excellent operational execution and safety results. Equally important, and specific to our transition to a pure focus offshore drilling company, we achieved a number of strategic initiatives during 2007 and early 2008, including the disposal of approximately $1.3 billion of non-strategic assets and the addition of three ultra-deepwater drillships currently under construction, which are expected to be available in 2010 and 2011. With the three projects, the company has now committed approximately $2.8 billion since 2005 to the expansion of its deepwater presence. In addition, we have secured attractive, multi-year contracts on two of our new drillships.
"We believe our investments in the deepwater market sector are timely, as we continue to witness exceptional activity levels with growing evidence that suggests the strong industry demand for deepwater capacity could remain well beyond 2010. Since the beginning of 2008, we have secured or extended contracts for four rigs representing revenues in excess of $3.3 billion, inclusive of performance bonus opportunities, and totaling 22 rig years. With the recent contract extensions for the semisubmersible rigs Pride Rio de Janeiro and Pride Portland, we now have earnings visibility to 2017 and our total backlog of contracts is approaching a record $8 billion, before performance bonus opportunities, representing an estimated 140 percent of our current market capitalization. This revenue backlog and the resulting expected cash flow represents a solid financial base to support further growth initiatives and offers the company valuable flexibility as we evaluate and execute strategies that increase shareholder value."
Offshore Drilling Segment Results
The company's Offshore Drilling Segment reported revenues for the three months ended December 31, 2007 of $473.8 million, compared to $509.7 million in the third quarter of 2007, while earnings from operations were $202.3 million, compared to $212.2 million over the same comparative period. Results for the quarter were negatively impacted by planned out-of-service time, repairs and maintenance involving several rigs in the company's deepwater, midwater and jackup fleets, resulting in a slight decline in fleet utilization to 72 percent in the fourth quarter of 2007 from 75 percent in the previous quarter of 2007. The earnings decline was partially offset by lower operating costs, which fell to $242.9 million in the fourth quarter of 2007, from $250.4 million in the third quarter of 2007. The three percent decline was attributable to reduced activity in both the company's jackup rig fleet, resulting in part from the mobilizations of two jackup rigs to Mexico from the U.S. Gulf, and the midwater rig fleet, resulting from shipyard programs on two rigs.
Revenues from the company's deepwater fleet, comprised of two drillships and six semisubmersible rigs, were $163.0 million during the three months ended December 31, 2007, compared to revenues of $176.1 million during the third quarter of 2007. Lower fleet utilization was the primary cause of the decline, settling at 88 percent in the fourth quarter of 2007 compared to 99 percent in the preceding quarter of 2007, due chiefly to 68 days of out-of-service time for repairs on the semisubmersible rig Pride Rio de Janeiro. The rig returned to service at the end of January, 2008. Earnings from operations were $68.8 million in the fourth quarter of 2007, compared to $80.4 million during the third quarter of 2007, while earnings before interest, taxes, depreciation and amortization (EBITDA) were $87.1 million compared to $99.1 million over the same comparative period. Average daily revenues were $251,300 in the fourth quarter of 2007, up from $242,500 in the preceding quarter of 2007.
Revenues from the company's midwater fleet, comprised of six semisubmersible rigs, were $70.6 million during the three months ended December 31, 2007, compared to $88.0 million in the preceding quarter of 2007. Earnings from operations were $26.0 million compared to $43.1 million, and EBITDA was $34.1 million compared to $50.8 million over the same comparative period. The decline was primarily caused by planned out-of-service time on the Pride South America and Pride South Seas. The Pride South America returned to service in October 2007, while the Pride South Seas is expected to return to service during March 2008. Due significantly to the out-of-service time on both units and on the Pride Mexico, while the rig completes an upgrade ahead of a five-year contract in Brazil, utilization in the fourth quarter of 2008 declined to 59 percent from 74 percent in the preceding quarter of 2007. The average daily revenue for the midwater fleet was largely unchanged in the fourth quarter of 2007, at $215,200 per day compared to $215,900 per day in the preceding quarter in 2007.
Revenues from the company's 28-rig jackup fleet were $193.1 million in the fourth quarter of 2007, compared to $205.5 million in the preceding quarter of 2007. Earnings from operations over the same comparative period were $77.4 million, compared to $88.8 million, while EBITDA was $98.1 million compared to $107.5 million. The declines were primarily due to lower utilization of the company's U.S. and Mexico-based fleets. Utilization of the U.S. Gulf of Mexico fleet declined to 58 percent in the fourth quarter of 2007 from 68 percent in the preceding quarter of 2007, due in part to fewer days worked by the Pride Missouri, which completed a planned shipyard program, the Pride Florida and the Pride Utah, which was cold stacked in September 2007. Average daily revenues for the U.S. Gulf of Mexico jackup rig fleet declined slightly to $79,900 from $81,200 over the same comparative period. Utilization of the company's international jackup rig fleet declined to 87 percent in the fourth quarter of 2007, from 89 percent in the preceding quarter of 2007. The decline was due in part to planned out-of-service time on the Pride Cabinda ahead of the rig's next contract commitment, and fewer days worked for the company's Mexico-based jackup fleet due to required repairs on three units, partially offset by the return to service of the Pride Texas following the completion of a life enhancement program during the third quarter of 2007 and the relocation of the Pride Mississippi and Pride Oklahoma from the U.S. Gulf of Mexico. Average daily revenues were $105,000 in the fourth quarter of 2007 compared to $107,400 in the preceding quarter of 2007.
Pride International, Inc. will host a conference call at 11:00 a.m. Eastern time on Thursday, February 28, 2008 to discuss results for the fourth quarter of 2007, recent events and management's operational outlook. Individuals who wish to participate in the conference call should dial 913-312-0973 and refer to confirmation code 9374834 approximately five to 10 minutes before the scheduled start of the call. In addition, the conference call will be simulcast through a listen-only broadcast over the Internet and can be accessed at www.prideinternational.com by selecting the Investor Relations link. A telephonic replay of the conference call should be available after 4:00 p.m. Eastern time on February 28 and can be accessed by dialing 719-457-0820 and referring to pass code 9374834. Also, a replay will be available through the Internet, along with an electronic download option (podcast) and can be accessed by visiting the company's worldwide web address. All replay options will be available for approximately 30 days.
Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors, operating a fleet of 64 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The company also has three ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.
The Pride International, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3388
The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the Company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Pride International, Inc.
Consolidated Statements of Operations
(In millions, except per share amounts)
Three Months Ended
December 31,
----------------------
2007 2006
--------- ---------
REVENUES $ 502.3 $ 438.3
COSTS AND EXPENSES
Operating costs, excluding
depreciation and amortization 269.2 256.2
Depreciation and amortization 53.4 56.9
General and administrative,
excluding depreciation and
amortization 38.0 28.5
Impairment expense -- 0.5
Gain on sales of assets, net (21.4) 0.3
--------- ---------
339.2 342.5
--------- ---------
EARNINGS FROM OPERATIONS 163.1 95.8
OTHER INCOME (EXPENSE), NET
Interest expense (13.1) (20.7)
Interest income 9.7 1.0
Other income (expense), net 0.4 0.8
--------- ---------
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES AND MINORITY INTEREST 160.1 76.9
INCOME TAXES 42.4 44.1
MINORITY INTEREST 0.0 0.8
--------- ---------
INCOME FROM CONTINUING OPERATIONS,
NET OF TAX 117.7 32.0
INCOME FROM DISCONTINUED OPERATIONS,
NET OF TAX 17.3 36.9
--------- ---------
NET INCOME $ 135.0 $ 68.9
========= =========
BASIC EARNINGS PER SHARE:
Income from continuing operations $ 0.71 $ 0.20
Income from discontinued operations 0.10 0.22
--------- ---------
Net income $ 0.81 $ 0.42
========= =========
DILUTED EARNINGS PER SHARE:
Income from continuing operations $ 0.67 $ 0.19
Income from discontinued operations 0.10 0.21
--------- ---------
Net income $ 0.77 $ 0.40
========= =========
SHARES USED IN PER SHARE CALCULATIONS
Basic 166.3 163.4
Diluted 179.0 176.8
Pride International, Inc.
Consolidated Statements of Operations
(In millions, except per share amounts)
Year Ended December 31,
----------------------------
2007 2006 2005
-------- -------- --------
REVENUES $2,043.8 $1,610.8 $1,281.6
COSTS AND EXPENSES
Operating costs, excluding
depreciation and amortization 1,032.7 942.0 827.1
Depreciation and amortization 224.4 199.1 185.7
General and administrative,
excluding depreciation and
amortization 138.1 107.3 81.2
Impairment expense -- 0.5 1.0
Gain on sales of assets, net (30.4) (29.8) (31.5)
-------- -------- --------
1,364.8 1,219.1 1,063.5
-------- -------- --------
EARNINGS FROM OPERATIONS 679.0 391.7 218.1
OTHER INCOME (EXPENSE), NET
Interest expense (73.3) (78.2) (87.7)
Interest income 14.4 4.2 1.8
Other income (expense), net (5.1) 0.4 2.7
-------- -------- --------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES AND
MINORITY INTEREST 615.0 318.1 134.9
INCOME TAXES (179.7) (125.3) (55.6)
MINORITY INTEREST (3.5) (4.1) (19.7)
-------- -------- --------
INCOME FROM CONTINUING
OPERATIONS, NET OF TAX 431.8 188.7 59.6
INCOME FROM DISCONTINUED
OPERATIONS, NET OF TAX 352.5 107.8 69.0
-------- -------- --------
NET INCOME $ 784.3 $ 296.5 $ 128.6
======== ======== ========
BASIC EARNINGS PER SHARE:
Income from continuing
operations $ 2.61 $ 1.16 $ 0.39
Income from discontinued
operations 2.13 0.66 0.45
-------- -------- --------
Net income $ 4.74 $ 1.82 $ 0.84
======== ======== ========
DILUTED EARNINGS PER SHARE:
Income from continuing
operations $ 2.46 $ 1.11 $ 0.38
Income from discontinued
operations 1.97 0.61 0.43
-------- -------- --------
Net income $ 4.43 $ 1.72 $ 0.81
======== ======== ========
SHARES USED IN PER SHARE
CALCULATIONS
Basic 165.6 162.8 152.5
Diluted 178.5 176.5 160.9
Pride International, Inc.
Consolidated Balance Sheets
(In millions)
December 31,
----------------------
2007 2006
---------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 890.4 $ 64.1
Restricted cash -- 1.8
Trade receivables, net 339.8 505.0
Parts and supplies, net 6.8 75.3
Deferred income taxes 70.1 154.5
Prepaid expenses and other current
assets 142.7 162.5
Assets held for sale 82.8 --
---------- ----------
Total current assets 1,532.6 963.2
PROPERTY AND EQUIPMENT 5,438.4 5,808.4
Less: accumulated depreciation 1,418.7 1,808.3
---------- ----------
Property and equipment, net 4,019.7 4,000.1
---------- ----------
GOODWILL 1.5 68.5
OTHER ASSETS 60.1 65.7
---------- ----------
Total assets $ 5,613.9 $ 5,097.5
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $ 75.8 $ 91.9
Accounts payable 133.1 189.9
Accrued expenses and other current
liabilities 428.3 388.3
Liabilities held for sale 7.4 --
---------- ----------
Total current liabilities 644.6 670.1
OTHER LONG-TERM LIABILITIES 171.7 196.9
LONG-TERM DEBT, NET OF CURRENT PORTION 1,115.7 1,294.7
DEFERRED INCOME TAXES 211.4 273.6
MINORITY INTEREST 0.1 28.3
STOCKHOLDERS' EQUITY:
Preferred stock -- --
Common stock 1.7 1.7
Paid-in capital 1,886.1 1,817.9
Treasury stock (9.9) (8.0)
Retained earnings 1,584.9 819.0
Accumulated other comprehensive income 7.6 3.3
---------- ----------
Total stockholders' equity 3,470.4 2,633.9
---------- ----------
Total liabilities and stockholders'
equity $ 5,613.9 $ 5,097.5
========== ==========
Pride International, Inc.
Consolidated Statements of Cash Flows
(In millions)
Year Ended December 31,
----------------------
2007 2006 2005
------ ------ ------
CASH FLOWS FROM (USED IN) OPERATING
ACTIVITIES:
Net income $784.3 $296.5 $128.6
Adjustments to reconcile net income to
net cash from operating activities:
Gain on sale of Latin America Land and
E&P Services segments (268.6) -- --
Depreciation and amortization 269.7 269.9 257.2
Discount amortization on long-term debt 0.9 0.3 0.2
Amortization and write-offs of
deferred financing costs 4.0 4.0 7.2
Amortization of deferred contract
liabilities (57.3) (12.4) (0.1)
Impairment charges -- 3.9 1.0
Gain on sale of assets (31.5) (31.4) (36.1)
Equity in earnings of affiliates (1.0) (3.3) (1.6)
Deferred income taxes 53.0 65.4 8.3
Excess tax benefits from stock-based
compensation (7.2) (14.0) 21.8
Minority interest 3.5 4.1 19.7
Stock-based compensation 23.0 17.2 4.1
Loss (gain) on mark-to-market of derivatives 3.9 1.3 (5.1)
Other non-cash items -- 3.0 --
Changes in assets and liabilities, net of
effects of acquisitions and
dispositions:
Trade receivables (78.5) (69.5) (106.2)
Parts and supplies (4.9) (8.5) (3.5)
Prepaid expenses and other current assets 4.2 (33.7) (1.5)
Other assets (19.0) 7.1 4.0
Accounts payable (53.5) 69.6 (12.9)
Accrued expenses (15.6) 23.5 33.3
Other liabilities 15.3 25.9 15.2
Increase (decrease) in deferred revenue 35.3 (14.5) 7.0
Decrease (increase) in deferred expense 25.0 7.3 (18.7)
------ ------ ------
NET CASH FLOWS FROM (USED IN) OPERATING
ACTIVITIES 685.0 611.7 321.9
CASH FLOWS FROM (USED IN) INVESTING
ACTIVITIES:
Purchases of property and equipment (656.4) (356.2) (157.2)
Purchase of net assets of acquired
entities, including acquisition
costs, less cash acquired (45.0) (212.6) (170.9)
Proceeds from dispositions of property
and equipment 53.4 60.5 121.2
Net proceeds from disposition of
Latin America Land and E&P Services
segments, net of cash disposed 947.1 -- --
Investments in and advances to affiliates -- (5.3) (19.4)
------ ------ ------
NET CASH FLOWS FROM (USED IN) INVESTING
ACTIVITIES 299.1 (513.6) (226.3)
CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES:
Repayments of borrowings (599.5) (568.7) (886.3)
Proceeds from debt borrowings 403.0 423.9 698.8
Debt finance costs -- -- (0.7)
Decrease in restricted cash 1.8 -- 8.1
Repurchase of common stock -- -- (123.6)
Proceeds from exercise of stock options 27.6 50.3 91.2
Excess tax benefits from stock-based
compensation 7.2 14.0 --
Proceeds from issuance of common stock 2.1 1.4 124.9
------ ------ ------
NET CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES (157.8) (79.1) (87.6)
Increase (decrease) in cash and cash
equivalents 826.3 19.0 8.0
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD 64.1 45.1 37.1
------ ------ ------
CASH AND CASH EQUIVALENTS, END OF PERIOD $890.4 $ 64.1 $ 45.1
====== ====== ======
Pride International, Inc.
Quarterly Continuing Operating Results by Asset Class
(In millions)
Three Months Ended
December 31, September 30, December 31,
---------------------------------------
2007 2007 2006
----------- ----------- ------------
Revenues:
Offshore Drilling Services
Deepwater $ 163.0 $ 176.1 $ 124.4
Midwater 70.6 88.0 64.9
Jackups - U.S. 42.6 55.7 86.5
Jackups - International 150.5 149.8 99.1
Other Offshore 47.1 40.1 36.7
----------- ----------- ------------
Total Offshore Drilling
Services 473.8 509.7 411.6
Other 27.8 30.4 26.7
Corporate 0.7 0.3 --
----------- ----------- ------------
Total $ 502.3 $ 540.4 $ 438.3
=========== =========== ============
Earnings from operations:
Offshore Drilling Services
Deepwater $ 68.8 $ 80.4 $ 26.7
Midwater 26.0 43.1 14.2
Jackups - U.S. 5.6 12.4 43.5
Jackups - International 71.8 76.4 41.7
Other Offshore 30.1 (0.1) (0.1)
----------- ----------- ------------
Total Offshore Drilling
Services 202.3 212.2 126.0
Other 1.5 9.7 4.9
Corporate (40.7) (36.4) (35.1)
----------- ----------- ------------
Total $ 163.1 $ 185.5 $ 95.8
=========== =========== ============
Pride International, Inc.
Annual Continuing Operating Results by Asset Class
(In millions)
Year Ended December 31,
------------------------------
2007 2006 2005
-------- -------- --------
Revenues:
Offshore Drilling Services
Deepwater $ 643.9 $ 478.6 $ 359.4
Midwater 334.5 181.4 153.1
Jackups - U.S. 242.5 379.4 169.2
Jackups - International 530.9 301.5 278.2
Other Offshore 174.7 165.9 225.9
-------- -------- --------
Total Offshore Drilling
Services 1,926.5 1,506.8 1,185.8
Other 116.3 104.0 95.8
Corporate 1.0 -- --
-------- -------- --------
Total $2,043.8 $1,610.8 $1,281.6
======== ======== ========
Earnings from operations:
Offshore Drilling Services
Deepwater $ 275.6 $ 124.9 $ 99.6
Midwater 145.8 28.4 8.1
Jackups - U.S. 79.8 218.5 64.7
Jackups - International 244.8 112.4 82.0
Other Offshore 42.2 5.2 25.7
-------- -------- --------
Total Offshore Drilling
Services 788.2 489.4 280.1
Other 33.4 23.3 19.9
Corporate (142.6) (121.0) (81.9)
-------- -------- --------
Total $ 679.0 $ 391.7 $ 218.1
======== ======== ========
Pride International, Inc.
Quarterly Selected Offshore Drilling Services Metrics
Q4 2007 Q3 2007 Q4 2006
------- ------- -------
Average Average Average
Daily Utiliz- Daily Utiliz- Daily Utiliz-
Revenues ation Revenues ation Revenues ation
(1) (2) (1) (2) (1) (2)
-------- ------- -------- ------- -------- -------
Deepwater $251,300 88% $242,500 99% $191,200 88%
Midwater $215,200 59% $215,900 74% $129,800 91%
Jackups -
U.S. $ 79,900 58% $ 81,200 68% $102,500 71%
Jackups -
Inter-
national $105,000 87% $107,400 89% $ 81,500 88%
Other
Offshore $ 54,800 59% $ 52,300 52% $ 49,700 50%
(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.
Pride International, Inc.
Annual Selected Offshore Drilling Services Metrics
Year Ended December 31,
2007 2006 2005
----- ---- ----
Average Average Average
Daily Utiliz- Daily Utiliz- Daily Utiliz-
Revenues ation Revenues ation Revenues ation
(1) (2) (1) (2) (1) (2)
-------- ------- -------- ------- -------- -------
Deepwater $230,800 96% $180,000 91% $167,600 84%
Midwater $192,200 79% $102,500 81% $ 83,400 87%
Jackups -
U.S. $ 84,800 68% $104,400 79% $ 52,400 84%
Jackups -
Inter-
national $101,200 87% $ 61,300 86% $ 43,900 94%
Other
Offshore $ 50,100 60% $ 46,000 53% $ 45,200 58%
(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.
Pride International, Inc.
Reconciliation of Earnings before Interest, Taxes and
Depreciation and Amortization (EBITDA)
(In millions)
We believe that this non-GAAP financial measure for EBITDA is
meaningful information that our management considers when making
investment decisions. We believe it also provides supplemental
information regarding our operating results with respect to both the
performance of our fundamental business activities and our ability to
meet our future debt service, capital expenditures and working
capital requirements. We also believe investors and analysts commonly
use EBITDA as a widely accepted financial indicator to analyze and
compare companies on the basis of operating performance that have
different financing and capital structures and tax rates. EBITDA is
not a substitute for the U.S. GAAP measures of earnings or of cash
flow and is not necessarily a measure of the company's ability to
fund its cash needs.
---------------------------------------
Q4 2007 Q3 2007 Q4 2006
--------- --------- ---------
Deepwater
Income (loss) from
continuing operations $ 68.7 $ 80.4 $ 26.7
Plus: Total interest
expense, net -- -- --
Plus: Income tax provision -- -- --
Plus: Depreciation and
amortization 18.4 18.7 20.8
--------- --------- ---------
EBITDA 87.1 99.1 47.5
Midwater
Income (loss) from
continuing operations 26.0 43.1 14.2
Plus: Total interest
expense, net -- -- --
Plus: Income tax provision -- -- --
Plus: Depreciation and
amortization 8.2 7.6 9.9
--------- --------- ---------
EBITDA 34.1 50.8 24.2
Jackups
Income (loss) from
continuing operations 77.4 88.9 85.2
Plus: Total interest
expense, net -- -- --
Plus: Income tax provision -- -- --
Plus: Depreciation and
amortization 20.7 18.6 19.1
--------- --------- ---------
EBITDA 98.1 107.5 104.3
Other Offshore
Income (loss) from
continuing operations 30.2 (0.1) (0.1)
Plus: Total interest
expense, net -- -- --
Plus: Income tax provision -- -- --
Plus: Depreciation and
amortization 2.5 2.3 2.5
--------- --------- ---------
EBITDA 32.7 2.1 2.4
Total Offshore Drilling
Services
Income (loss) from
continuing operations 202.2 212.2 126.0
Plus: Total interest
expense, net -- -- --
Plus: Income tax provision -- -- --
Plus: Depreciation and
amortization 49.8 47.2 52.4
--------- --------- ---------
EBITDA 252.0 259.4 178.4
Other & Corporate
Income (loss) from
continuing operations (84.5) (91.9) (94.0)
Plus: Total interest
expense, net (3.4) (14.8) (19.7)
Plus: Income tax provision 42.4 45.1 44.1
Plus: Depreciation and
amortization 3.5 3.0 4.5
--------- --------- ---------
EBITDA (35.2) (28.9) (25.6)
Total Pride International Inc.
Income (loss) from
continuing operations 117.7 120.3 32.0
Plus: Total interest
expense, net (3.4) (14.8) (19.7)
Plus: Income tax provision 42.4 45.1 44.1
Plus: Depreciation and
amortization 53.4 50.2 56.9
--------- --------- ---------
EBITDA $ 216.9 $ 230.5 $ 152.8
========= ========= =========