Pride International (PDE) 10-Q/A 5 Aug 09 2009 Q2 Quarterly report (amended) Financial data

1000 - Consolidated Balance She

1000 - Consolidated Balance Sheets (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
CURRENT ASSETS
Cash and cash equivalents	1115.7	712.5
Trade receivables, net	381.2	438.8
Deferred income taxes	23.6	90.5
Prepaid expenses and other current assets	136.2	177.4
Assets held for sale	0	1.4
Total current assets	1656.7	1420.6
PROPERTY AND EQUIPMENT	6559.1	6067.8
Less: accumulated depreciation	1583.3	1474.9
Property and equipment, net	4975.8	4592.9
INTANGIBLE AND OTHER ASSETS	73.8	55.5
Total assets	6706.3	6,069
CURRENT LIABILITIES
Current portion of long-term debt	30.3	30.3
Accounts payable	120.7	137.3
Accrued expenses and other current liabilities	360.8	403.4
Total current liabilities	511.8	571
OTHER LONG-TERM LIABILITIES	129.7	146.2
LONG-TERM DEBT, NET OF CURRENT PORTION	1176.3	692.9
DEFERRED INCOME TAXES	188	258.9
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 50.0 shares authorized; none issued	0	0
Common stock, $0.01 par value; 400.0 shares authorized; 174.4 and 173.8 shares issued; 173.6 and 173.1 shares outstanding	1.7	1.7
Paid-in capital	2020.1	2002.6
Treasury stock, at cost; 0.8 and 0.7 shares	-15.3	-13.3
Retained earnings	2691.2	2408.2
Accumulated other comprehensive income	2.8	0.8
Total stockholders' equity	4700.5	4,400
Total liabilities and stockholders' equity	6706.3	$6,069

1010 - Parenthetical Data to th

1010 - Parenthetical Data to the Consolidated Balance Sheets (USD $)
Share data in Millions, except Per Share data	Jun. 30, 2009	Dec. 31, 2008
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	0.01	0.01
Preferred stock, shares authorized (in shares)	50	50
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	0.01	0.01
Common stock, shares authorized (in shares)	400	400
Common stock, shares issued (in shares)	174.4	173.8
Common stock, shares outstanding (in shares)	173.6	173.1
Treasury stock, shares (in shares)	0.8	0.7

2000 - Consolidated Statements

2000 - Consolidated Statements of Operations (USD $)
In Millions, except Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
REVENUES
Revenues excluding reimbursable revenues	494.1	529.5	1028.1	1054.2
Reimbursable revenues	6.6	12	21.9	27.4
REVENUES	500.7	541.5	1,050	1081.6
COSTS AND EXPENSES
Operating costs, excluding depreciation and amortization	262.1	260.5	532	525.1
Reimbursable costs	6.2	11.6	20	26.7
Depreciation and amortization	54.2	52	107.9	102.8
General and administrative, excluding depreciation and amortization	32.8	36.8	65.9	70.1
Gain on sales of assets, net	-0.5	-17.6	-5.4	-17.7
COSTS AND EXPENSES	354.8	343.3	720.4	707
EARNINGS FROM OPERATIONS	145.9	198.2	329.6	374.6
OTHER INCOME (EXPENSE), NET
Interest expense	-0.1	-6.3	-0.1	-17.8
Refinancing charges	0	0	0	-1.2
Interest income	0.8	5	2.1	12.4
Other income (expense), net	(3)	-0.4	0.7	10
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	143.6	196.5	332.3	378
INCOME TAXES	-21.8	-43.4	(54)	-89.5
INCOME FROM CONTINUING OPERATIONS, NET OF TAX	121.8	153.1	278.3	288.5
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	2.3	34.3	4.7	138.8
NET INCOME	124.1	187.4	$283	427.3
BASIC EARNINGS PER SHARE
Income from continuing operations	0.69	0.89	1.58	1.69
Income from discontinued operations	0.01	0.2	0.03	0.82
Net income	0.7	1.09	1.61	2.51
DILUTED EARNINGS PER SHARE
Income from continuing operations	0.69	0.87	1.58	1.63
Income from discontinued operations	0.01	0.19	0.03	0.77
Net income	0.7	1.06	1.61	2.4
SHARES USED IN PER SHARE CALCULATIONS
Basic	173.5	170.2	173.4	168.4
Diluted	173.6	175.7	173.5	177.3

4000 - Consolidated Statements

4000 - Consolidated Statements of Cash Flows (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net Income	$283	427.3
Adjustments to reconcile net income to net cash from operating activities
Gain on sale of Eastern Hemisphere land rigs	-5.4	0
Gain on sale of tender-assist rigs	0	-106.7
Gain on sale of Latin America and E&P Services segments	0	-32.2
Gain on sale of equity method investment	0	-11.4
Depreciation and amortization	107.9	107.2
Amortization and write-offs of deferred financing costs	0.9	2.9
Amortization of deferred contract liabilities	-26.9	-32.1
Gain on sales of assets, net	-5.4	-17.7
Deferred income taxes	-5.4	30.1
Excess tax benefits from stock-based compensation	-0.1	-6.4
Stock-based compensation	17.9	12.4
Other, net	0.4	1.8
Net effect of changes in operating accounts (See Note 11)	0.8	-92.8
Change in deferred gain on asset sales and retirements	4.9	-20.4
Increase (decrease) in deferred revenue	-9.1	(8)
Decrease (increase) in deferred expense	11.1	5.8
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	374.6	259.8
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Purchases of property and equipment	-474.7	-506.6
Proceeds from dispositions of property and equipment	0.8	0.8
Proceeds from the sale of Eastern Hemisphere land rigs, net	9.6	0
Proceeds from sale of tender-assist rigs, net	0	210.8
Proceeds from sale of platform rigs, net	0	64.5
Proceeds from sale of equity method investment	0	15
Proceeds from insurance	13.9	0
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES	-450.4	-215.5
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Repayments of borrowings	-15.2	(522)
Proceeds from debt borrowings	498.2	68
Debt finance costs	(6)	0
Net proceeds from employee stock transactions	1.9	19.2
Excess tax benefits from stock-based compensation	0.1	6.4
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES	479	-428.4
Increase (decrease) in cash and cash equivalents	403.2	-384.1
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	712.5	890.4
CASH AND CASH EQUIVALENTS, END OF PERIOD	1115.7	506.3

6000 - GENERAL

6000 - GENERAL
	6 Months Ended Jun. 30, 2009 USD / shares
GENERAL
Note 1. General	GENERAL Nature of Operations Pride International, Inc. (Pride, we, our, or us) is a leading international provider of offshore contract drilling services. We provide these services to oil and natural gas exploration and production companies through the operation and management of 44 offshore rigs. We also have four ultra-deepwater drillships under construction. Basis of Presentation In the third quarter of 2008, we entered into agreements to sell our Eastern Hemisphere land rig operations and completed the sale of all but one land rig used in those operations in the fourth quarter of 2008. The sale of the remaining land rig closed in the second quarter of 2009.The results of operations, for all periods presented, of the assets disposed of in these transactionshave been reclassified to income from discontinued operations. Except where noted, the discussions in the following notes relate to our continuing operations only (see Note 2). Our unaudited consolidated financial statements included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in theUnited States have been condensed or omitted pursuant to such rules and regulations. We believe that the presentation and disclosures herein are adequate to make the information not misleading. In the opinion of management, the unaudited consolidated financial information included herein reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2008. The results of operations for the interim periods presented herein are not necessarily indicative of the results to be expected for a full year or any other interim period. In the notes to the unaudited consolidated financial statements, all dollar and share amounts, other than per share amounts, in tabulations are in millions of dollars and shares, respectively, unless otherwise noted. Subsequent Events In preparing these financial statements, we have evaluated subsequent events through July 29, 2009, which is the date the financial statements are being issued. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Property and Equipment Property and equipment comprise a significant amount of our total assets. We determine the carrying value

6010 - DISCONTINUED OPERATIONS

6010 - DISCONTINUED OPERATIONS AND OTHER DIVESTITURES
	6 Months Ended Jun. 30, 2009 USD / shares
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES
Note 2. Discontinued Operations and Other Divestitures	DISCONTINUED OPERATIONS AND OTHER DIVESTITURES Discontinued Operations We report discontinued operations in accordance with the guidance of SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. For the disposition of any asset group accounted for as discontinued operations under SFAS No. 144, we have reclassified the results of operations as discontinued operations for all periods presented. Such reclassifications had no effect on our net income or stockholders equity. During the third quarter of 2007, we completed the disposition of our Latin America Land and EP Services segments for $1.0 billion in cash. The purchase price is subject to certain post-closing adjustments for various indemnities. From the closing date of the sale through June 30, 2009, we recorded a total gain on disposal of $325.4 million, which included certain estimates for the settlement of closing date working capital, valuation adjustments for tax and other indemnities provided to the buyer and selling costs incurred by us. We have indemnified the buyer for certain obligations that may arise or be incurred in the future by the buyer with respect to the business. We believe it is probable that some of these liabilities will be settled with the buyer in cash. Our total estimated gain on disposal of assets includes a $29.7 million liabilitybased on our fair value estimates for the indemnities. In December 2008, the final amount of working capital payable by the buyer to us was determined in accordance with the purchase agreement to be approximately $44.5 million, plus approximately $5.0 million of accrued interest to June 30, 2009. To date, the buyer has not made the required payment, and we have received no assurance that payment will be made. The buyer has made various tax and other indemnification claims totaling approximately $39.6 million, as compared to our recorded liabilities related to these claims of $30.5 million. We continue to pursue collection of the amounts due to us and resolution of the tax and indemnification claims with the buyer. The expected settlement dates for the remaining tax indemnities vary from within one year to several years. Our final gain may be materially affected by the final resolution of these matters. In February 2008, we completed the sale of our fleet of three self-erecting, tender-assist rigs for $213 million in cash. We operated one of the rigs until mid-April 2009, when we transitioned the operations of that rig to the owner. In the third quarter of 2008, we entered into agreements to sell our remaining seven land rigs for $95 million in cash. The sale of all but one rig closed in the fourth quarter of 2008. We leased the remaining rig to the buyer until the sale of that rig closed, which occurred in the second quarter of 2009. We recognized an after-tax gain of $5.2 million on the sale of the rig, which is reflected in our income from discontinued operations for the three and six months ended June 30, 2009. The following table presents selected information regarding the results of operations of our discontinued operations: Three Months Ended Six Months Ended June 30, June

6020 - PROPERTY AND EQUIPMENT

6020 - PROPERTY AND EQUIPMENT
	6 Months Ended Jun. 30, 2009 USD / shares
PROPERTY AND EQUIPMENT
Note 3. Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment consisted of the following: June 30, December 31, 2009 2008 (As Adjusted) Rigs and rig equipment $ 4,952.7 $ 4,873.6 Construction-in-progress - newbuild drillships 1,329.1 965.5 Construction-in-progress - other 193.4 165.7 Other 83.9 63.0 Property and equipment, cost 6,559.1 6,067.8 Accumulated depreciation and amortization (1,583.3 ) (1,474.9 ) Property and equipment, net $ 4,975.8 $ 4,592.9

6030 - DEBT

6030 - DEBT
	6 Months Ended Jun. 30, 2009 USD / shares
DEBT
Note 4. Debt	DEBT On June 2, 2009, we completed an offering of $500.0 million aggregate principal amount of 8 1/2% Senior Notes due 2019. The 2019 notes bear interest at 8.5% per annum, payable semiannually. We expect to use the proceeds from this offering, net of discount and issuance costs, of $492.4 million for general corporate purposes. The 2019 notes contain provisions that limit our ability and the ability of our subsidiaries, with certain exceptions, to engage in sale and leaseback transactions, create liens and consolidate, merge or transfer all or substantially all of our assets. If we are required to make an offer to repurchase our 7 3/8% Senior Notes due 2014 as a result of specified change in control events that result in a ratings decline, we will be required to make a concurrent offer to purchase the 2019 notes. The 2019 notes are subject to redemption,in whole or in part, at our option at any time at a redemption price equal to the principal amount of the notes redeemed plus a make-whole premium. We will also pay accrued but unpaid interest to the redemption date. Debt consisted of the following: June 30, December 31, 2009 2008 Senior unsecured revolving credit facility $ - $ - 8 1/2% Senior Notes due 2019, net of unamortized discount of $1.8 million 498.2 - 7 3/8% Senior Notes due 2014, net of unamortized discount of $1.6 million and $1.7 million, respectively 498.4 498.3 MARAD notes, net of unamortized fair value discount of $2.1 million and $2.4 million, respectively 210.0 224.9 Total debt 1,206.6 723.2 Less: current portion of long-term debt 30.3 30.3 Long-term debt $ 1,176.3 $ 692.9 Amounts drawn under the senior unsecured revolving credit facility bear interest at variable rates based on LIBOR plus a margin or the alternative base rate defined in the agreement. The interest rate margin applicable to LIBOR advances varies based on our credit rating. As of June 30, 2009, there were no borrowings or letters of credit outstanding under the facility and availability was $300.0 million. Effective January 1, 2009, we adopted FSP No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement). FSP APB No. 14-1 applies to any convertible debt instrument that may be wholly or partially settled in cash and requires the separation of the debt and equity components of cash-settleable convertibles at the date of issuance. The FSP is effective for our 3.25% convertible senior notes due 2033, which were originally recorded at face value of $300 million in May 2003 and retired in the second quarter of 2008, and requires retrospective application for all periods presented. We have calculated a theoretical non-cash interest expense based on a similar debt instrument carrying a fixed interest rate but excluding the equity conversion feature and measured at fair valueat the time the notes were issued. As a result, the debt component determined for these notes was $251.8 million and the debt discoun

6040 - DERIVATIVES AND FINANCIA

6040 - DERIVATIVES AND FINANCIAL INSTRUMENTS
	6 Months Ended Jun. 30, 2009 USD / shares
DERIVATIVES AND FINANCIAL INSTRUMENTS
Note 5. Derivatives and Financial Instruments	DERIVATIVES FINANCIAL INSTRUMENTS Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, foreign currency forward contracts and debt. The estimated fair value of our debt at June 30, 2009 and December 31, 2008 was $1,221.4 million and $702.5 million, respectively, which differs from the carrying amounts of $1,206.6 million and $723.2 million, respectively, included in our consolidated balance sheets. The fair value of our debt has been estimated based on quarter- and year-end quoted market prices. The following table presents the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: June 30, 2009 December 31, 2008 Estimated Fair Value Measurements Quoted Prices Significant Significant in Other Unobservable Carrying Active Markets Observable Inputs Inputs Carrying Estimated Amount (Level 1) (Level 2) (Level 3) Amount Fair Value Derivative Financial Instruments: Foreign currency forward contracts $0.4 $ - $0.4 $ - $0.2 $0.2 The foreign currency forward contracts have been valued using a combined income and market-based valuation methodology based on forward exchange curves and credit. These curves are obtained from independent pricing services reflecting broker market quotes. Our cash and cash equivalents, accounts receivable and accounts payable are by theirnature short-term. As a result, the carrying value included in the accompanying consolidated balance sheets approximate fair value. Cash Flow Hedging We have a foreign currency hedging program to moderate the change in value of forecasted payroll transactions and related costs denominated in Euros. We are hedging a portion of these payroll and related costs using forward contracts. When the U.S. dollar strengthens against the Euro, the decline in the value of the forward contracts isoffset by lower future payroll costs. Conversely, when the U.S. dollar weakens, the increase in value of forward contracts offsets higher future payroll costs. The maximum amount of time that we are hedging our exposure to Euro-denominated forecasted payroll costs is six months. The aggregate notional amount of these forward contracts, expressed in U.S. dollars, was $7.5 million at June 30, 2009. All of our foreign currency forward contracts were accounted for as cash flow hedges under SFAS No. 133. The fair market value of these derivative instruments is included in prepaid expenses and other current assets or accrued expenses and other current liabilities, with the cumulative unrealized gain or loss included in accumulated othercomprehensive income in our consolidated balance sheet. The estimated fair market value of our outstanding foreign currency forward contracts resulted in an asset of approximately $0.4 million at June 30, 2009. Hedge effectiveness is measured quarterly based on the relative cumulative changes in fair value between derivative contracts and the hedged item over time. Any change in fair value resulting from ineffectiveness is rec

6050 - INCOME TAXES

6050 - INCOME TAXES
	6 Months Ended Jun. 30, 2009 USD / shares
INCOME TAXES
Note 6. Income Taxes	INCOME TAXES In accordance with generally accepted accounting principles, we estimate the full-year tax rate from continuing operations and apply this rate to our year-to-date income from continuing operations. In addition, we separately calculate the tax impact of unusual items, if any. For the three months ended June 30, 2009 and June 30, 2008, ourconsolidated effective tax rate for continuing operations was 15.2% and 22.1%, respectively. For the six months ended June 30, 2009 and June 30, 2008 our consolidated effective tax rate for continuing operations was 16.3% and 23.7%, respectively. The lower tax rate for the 2009 period was principally the result of the tax benefit realized from the finalization of certain tax returns, decreased profitability on some of our midwater rigs operating in high tax rate jurisdictions, and much lower income than in theprior period in our mat-supported jackup segment operating in the United States and Mexico. In February 2009, we received tax assessments from the Mexican government related to the operations of certain entities for the tax years 2003 and 2004 in the amount of 1,097 million pesos, or approximately $83 million as of June 30, 2009. In order to contest these assessments, Mexican law generally requires taxpayers to post suitable collateral. We expect to vigorously contest these assessments and therefore will be posting bonds or other collateral in the third quarter of 2009. Additional security will be required to be provided to the extent future assessments are contested. We anticipate that the Mexican government will make additional assessments contesting similar deductions for other tax years or entities. As of June 30, 2009, the total amount of tax assessments from the Mexican government was 1,658 million pesos, or approximately $126 million.

6060 - EARNINGS PER SHARE

6060 - EARNINGS PER SHARE
	6 Months Ended Jun. 30, 2009 USD / shares
EARNINGS PER SHARE
Note 7. Earnings Per Share	EARNINGS PER SHARE On January 1, 2009, we adopted the FASBs FSP Emerging Issues Task Force (EITF) 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. This FSP clarifies that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whetherpaid or unpaid, are participating securities and should be included in the computation of earnings per share under the two class method described in SFAS No. 128, Earnings Per Share. The two class method allocates undistributed earnings between common shares and participating securities. We have determined that our grants of unvested restricted stock awards are considered participating securities. We have prepared our current period earnings per share calculations and retrospectivelyrevised our prior period calculations to exclude net income allocated to these unvested restricted stock awards. As a result, basic and diluted income from continuing operations per share decreased by $0.01 for the three months ended June 30, 2008 and $0.02 for the six months ended June 30, 2008. The following table is a reconciliation of the numerator and the denominator of our basic and diluted earnings per share from continuing operations: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Income from continuing operations $ 121.8 $ 153.1 $ 278.3 $ 288.5 Income from continuing operations allocated to non-vested share awards (2.0 ) (1.6 ) (4.3 ) (3.2 ) Income from continuing operations - basic 119.8 151.5 274.0 285.3 Interest expense on convertible notes - 1.4 - 5.1 Income tax effect - (0.5 ) - (1.8 ) Income from continuing operations - diluted $ 119.8 $ 152.4 $ 274.0 $ 288.6 Weighted average shares of common stock outstanding - basic 173.5 170.2 173.4 168.4 Convertible notes - 4.8 - 8.2 Stock options 0.1 0.7 0.1 0.7 Weighted average shares of common stock outstanding diluted 173.6 175.7 173.5 177.3 Income from continuing operations per share: Basic $ 0.69 $ 0.89 $ 1.58 $ 1.69 Diluted $ 0.69 $ 0.87 $ 1.58 $ 1.63 The calculation of weighted average shares of common stock outstanding diluted for the three months ended June 30, 2009 and 2008, excludes 3.0 million and 0.6 million shares of common stock, respectively, issuable pursuant to outstanding stock options and restricted stock awards because their effect was antidilutive. The calculation of weighted average shares of common stock outstanding diluted for the six months ended June 30, 2009 and 2008 excludes 3.8 million and 1.0 million shares of common stock, respectively, is

6070 - EMPLOYEE STOCK PLANS

6070 - EMPLOYEE STOCK PLANS
	6 Months Ended Jun. 30, 2009 USD / shares
EMPLOYEE STOCK PLANS
Note 8. Employee Stock Plans	EMPLOYEE STOCK PLANS Our employee stock-based compensation plans provide for the granting or awarding of stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards and cash awards to directors, officers and other key employees. During the six months ended June 30, 2009, we granted approximately 1,189,000 stock options at a weighted average exercise price of $17.58. The weighted average fair value per share of these stock-based awards estimated on the date of grant using the Black-Scholes option pricing model was $10.38. The implied volatility used to calculatethe Black-Scholes fair value of stock-based awards granted during the six months ended June 30, 2009 increased to 68.7% from 35.1% in 2008, due to the significant changes in the market price of our common stock in 2008. With the exception of volatility, there were no other significant changes in the weighted average assumptions used to calculate the Black-Scholes fair value of stock-based awards granted during the six months ended June 30, 2009 from those used in 2008 as reported in Note 11 of our Annual Report on Form 10-K for the year ended December 31, 2008. During the six months ended June 30, 2009, we also granted approximately 1,791,000 restricted stock awards with a weighted average grant-date fair value per share of $16.65.

6080 - COMMITMENTS AND CONTINGE

6080 - COMMITMENTS AND CONTINGENCIES
	6 Months Ended Jun. 30, 2009 USD / shares
COMMITMENTS AND CONTINGENCIES
Note 9. Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES FCPA Investigation During the course of an internal audit and investigation relating to certain of our Latin American operations, our management and internal audit department received allegations of improper payments to foreign government officials. In February 2006, the Audit Committee of our Board of Directors assumed direct responsibility over the investigationand retained independent outside counsel to investigate the allegations, as well as corresponding accounting entries and internal control issues, and to advise the Audit Committee. The investigation, which is continuing, has found evidence suggesting that payments, which may violate the U.S. Foreign Corrupt Practices Act, were made to government officials in Venezuela and Mexico aggregating less than $1 million. The evidence to date regarding these payments suggests that payments were made beginning in early 2003through 2005 (a) to vendors with the intent that they would be transferred to government officials for the purpose of extending drilling contracts for two jackup rigs and one semisubmersible rig operating offshore Venezuela; and (b) to one or more government officials, or to vendors with the intent that they would be transferred to government officials, for the purpose of collecting payment for work completed in connection with offshore drilling contracts in Venezuela. In addition, the evidence suggests thatother payments were made beginning in 2002 through early 2006 (a) to one or more government officials in Mexico in connection with the clearing of a jackup rig and equipment through customs, the movement of personnel through immigration or the acceptance of a jackup rig under a drilling contract; and (b) with respect to the potentially improper entertainment of government officials in Mexico. The Audit Committee, through independent outside counsel, has undertaken a review of our compliance with the FCPA in certain of our other international operations. This review has found evidence suggesting that during the period from 2001 through 2006 payments were made directly or indirectly to government officials in Saudi Arabia, Kazakhstan, Brazil, Nigeria, Libya, Angola and the Republic of the Congo in connection with clearing rigs or equipment through customs or resolving outstanding issues with customs, immigration, tax, licensing or merchant marine authorities in those countries. In addition, this review has found evidence suggesting that in 2003 payments were made to one or more third parties with the intent that they would be transferred to a government official in India for the purpose of resolving a customs dispute related to the importationof one of our jackup rigs. The evidence suggests that the aggregate amount of payments referred to in this paragraph is less than $2.5 million. In addition, the U.S. Department of Justice ("DOJ") has asked us to provide information with respect to (a) our relationships with a freight and customs agent and (b) our importation of rigs into Nigeria. The investigation of the matters described above and the Audit Committee's compliance review are ongoing. Accordingly, there can be no assurances that evi

RELATED INFORMATION

RELATED INFORMATION
	6 Months Ended Jun. 30, 2009 USD / shares
SEGMENT AND ENTERPRISE-RELATED INFORMATION
Note 10. Segment and Enterprise-Related Information	SEGMENT AND ENTERPRISE-RELATED INFORMATION Our reportable segments include Deepwater, which consists of our rigs capable of drilling in water depths greater than 4,500 feet, and Midwater, which consists of our semisubmersible rigs capable of drilling in water depths of 4,500 feet or less. Our jackup fleet, which operates in water depths up to 300 feet, is reported as two segments, Independent Leg Jackups and Mat-Supported Jackups, based on rig design as well as our intention to distribute the mat-supported jackup business to our stockholders. We also manage the drilling operations for three deepwater rigs, which are included in a non-reported operating segment along with corporate costs and other operations. The accounting policies for our segments are the same as those described in Note 1 of our Consolidated Financial Statements. Summarized financial information for our reportable segments are as follows: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Deepwater revenues: Revenues excluding reimbursables $ 232.4 $ 206.6 $ 444.5 $ 398.4 Reimbursable revenues 2.4 1.6 8.9 4.1 Total Deepwater revenues 234.8 208.2 453.4 402.5 Midwater revenues: Revenues excluding reimbursables 113.1 80.0 242.1 157.7 Reimbursable revenues 0.6 0.8 3.4 2.0 Total Midwater revenues 113.7 80.8 245.5 159.7 Independent Leg Jackup revenues: Revenues excluding reimbursables 69.9 59.4 148.0 118.1 Reimbursable revenues 0.3 - 0.5 0.1 Total Independent Leg Jackup revenues 70.2 59.4 148.5 118.2 Mat-Supported Jackup revenues: Revenues excluding reimbursables 55.0 142.3 142.7 289.8 Reimbursable revenues 1.5 2.3 4.1 3.9 Total Mat-Supported Jackup revenues 56.5 144.6 146.8 293.7 Other 25.4 48.4 55.6 106.9 Corporate 0.1 0.1 0.2 0.6 Total revenues $ 500.7 $ 541.5 $ 1,050.0 $ 1,081.6 Earnings (loss) from continuing operations: Deepwater $ 126.0 $ 106.1 $ 231.5 $ 198.6 Midwater 37.5 20.1 97.2 47.9 Independent Leg Jackups 30.6 27.2 70.5 53.7 Mat-Supported Jackups (14.7 ) 58.6 (7.9 ) 113.6 Other 1.8 22.7 9.0 31.3 Corporate (35.3 ) (36.5 ) (70.7 ) (70.5 ) Total $ 145.9 $ 198.2 $ 329.6 $ 374.6 Capital expenditures:

6100 - OTHER SUPPLEMENTAL INFOR

6100 - OTHER SUPPLEMENTAL INFORMATION
	6 Months Ended Jun. 30, 2009 USD / shares
OTHER SUPPLEMENTAL INFORMATION
Note 11. Other Supplemental Information	OTHER SUPPLEMENTAL INFORMATION Supplemental cash flows and non-cash transactions were as follows: Six Months Ended June 30, 2009 2008 Decrease (increase) in: Trade receivables $ 57.6 $ (64.7 ) Prepaid expenses and other current assets 17.0 (0.9 ) Other assets (14.6 ) (5.2 ) Increase (decrease) in: Accounts payable (26.5 ) (14.6 ) Accrued expenses (36.4 ) (26.0 ) Other liabilities 3.7 18.6 Net effect of changes in operating accounts $ 0.8 $ (92.8 ) Cash paid during the year for: Interest $ 23.8 $ 31.9 Income taxes 97.7 83.3 Change in capital expenditures in accounts payable 9.9 20.2

6110 - SUBSEQUENT EVENTS

6110 - SUBSEQUENT EVENTS
	6 Months Ended Jun. 30, 2009 USD / shares
SUBSEQUENT EVENTS
Note 12. Subsequent Events	SUBSEQUENT EVENTS Increase in Availability under Revolving Credit Facility In July 2009, borrowing availability under our unsecured revolving credit facility was increased from $300 million to $320 million.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Reclassification to Earnings Alternative) (USD $)
	6 Months Ended Jun. 30, 2009
Entity Information [Line Items]
Entity Registrant Name	Pride International, Inc
Entity Central Index Key	0000833081
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float	$8,100,000,000
Entity Common Stock, Shares Outstanding	173,703,741

Document Information

Document Information
	6 Months Ended Jun. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	2009-06-30
Amendment Flag	true
Amendment Description	attached XBRL files