Pride International (PDE) 10-K 19 Feb 10 2009 FY Annual report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
CURRENT ASSETS
Cash and cash equivalents	763.1	712.5	[1]
Trade receivables, net	256.2	438.8	[1]
Deferred income taxes	21.6	90.5	[1]
Prepaid expenses and other current assets	123.3	177.4	[1]
Assets held for sale	0	1.4	[1]
Total current assets	1164.2	1420.6	[1]
PROPERTY AND EQUIPMENT	6,091	6067.8	[1]
Less: accumulated depreciation	1200.7	1474.9	[1]
Property and equipment, net	4890.3	4592.9	[1]
INTANGIBLE AND OTHER ASSETS	88.4	55.5	[1]
Total assets	6142.9	6,069	[1]
CURRENT LIABILITIES
Current portion of long-term debt	30.3	30.3	[1]
Accounts payable	132.4	137.3	[1]
Accrued expenses and other current liabilities	339.7	403.4	[1]
Total current liabilities	502.4	571	[1]
OTHER LONG-TERM LIABILITIES	118.3	146.2	[1]
LONG-TERM DEBT, NET OF CURRENT PORTION	1161.7	692.9	[1]
DEFERRED INCOME TAXES	102.7	258.9	[1]
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 50.0 shares authorized; none issued	0	0	[1]
Common stock, $0.01 par value; 400.0 shares authorized; 175.5 and 173.8 shares issued; 174.6 and 173.1 shares outstanding	1.8	1.7	[1]
Paid-in capital	2058.7	2002.6	[1]
Treasury stock, at cost; 0.9 and 0.7 shares	-16.4	-13.3	[1]
Retained earnings	2210.8	2408.2	[1]
Accumulated other comprehensive income	2.9	0.8	[1]
Total stockholders' equity	4257.8	4,400	[1]
Total liabilities and stockholders' equity	6142.9	$6,069	[1]
[1]Amounts include the retrospective adoption of FSP APB 14-1 (now codified principally in ASC 470) implemented in the first quarter of 2009. See Note 5 to Notes to the Consolidated Financial Statements in Item 8 of this annual report.

Parenthetical Data to the Conso

Parenthetical Data to the Consolidated Balance Sheets (USD $)
Share data in Millions	Dec. 31, 2009	Dec. 31, 2008
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	0.01	0.01	[1]
Preferred stock, shares authorized (in shares)	50	50	[1]
Preferred stock, issued (in shares)	0	0	[1]
Common stock, par value (in dollars per share)	0.01	0.01	[1]
Common stock, shares authorized (in shares)	400	400	[1]
Common stock, shares issued (in shares)	175.5	173.8	[1]
Common stock, shares outstanding (in shares)	174.6	173.1	[1]
Treasury stock, shares (in shares)	0.9	0.7	[1]
[1]Amounts include the retrospective adoption of FSP APB 14-1 (now codified principally in ASC 470) implemented in the first quarter of 2009. See Note 5 to Notes to the Consolidated Financial Statements in Item 8 of this annual report.

Consolidated Statements of Oper

Consolidated Statements of Operations (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
REVENUES
Revenues excluding reimbursable revenues	1563.5	1664.7	[1]	1294.2	[1]
Reimbursable revenues	30.7	37.9	[1]	34.8	[1]
REVENUES	1594.2	1702.6	[1]	1,329	[1]
COSTS AND EXPENSES
Operating costs, excluding depreciation and amortization	828.3	766.5	[1]	618.6	[1]
Reimbursable costs	27.3	34.9	[1]	30.8	[1]
Depreciation and amortization	159	147.3	[1]	153.1	[1]
General and administrative, excluding depreciation and amortization	110.5	126.7	[1]	138.1	[1]
Department of Justice and Securities and Exchange Commission fines	56.2	0	[1]	0	[1]
Loss (gain) on sales of assets, net	-0.4	0.1	[1]	-29.8	[1]
COSTS AND EXPENSES	1180.9	1075.5	[1]	910.8	[1]
EARNINGS FROM OPERATIONS	413.3	627.1	[1]	418.2	[1]
OTHER INCOME (EXPENSE), NET
Interest expense, net of amounts capitalized	-0.1	(20)	[1]	-83.1	[1]
Refinancing charges	0	-2.3	[1]	0	[1]
Interest income	3	16.8	[1]	14.3	[1]
Other income (expense), net	-4.1	20.6	[1]	-2.7	[1]
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	412.1	642.2	[1]	346.7	[1]
INCOME TAXES	-71.8	-133.5	[1]	-86.9	[1]
INCOME FROM CONTINUING OPERATIONS, NET OF TAX	340.3	508.7	[1]	259.8	[1]
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX	-54.5	342.4	[1]	522	[1]
NET INCOME	285.8	851.1	[1]	781.8	[1]
LESS: INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	[1]	-3.5	[1]
NET INCOME ATTRIBUTABLE TO PRIDE	285.8	851.1	[1]	778.3	[1]
BASIC EARNINGS PER SHARE
Income from continuing operations	1.93	2.95	[1]	1.54	[1]
Income (loss) from discontinued operations	-0.31	1.99	[1]	3.12	[1]
Net income	1.62	4.94	[1]	4.66	[1]
DILUTED EARNINGS PER SHARE
Income from continuing operations	1.92	2.89	[1]	1.51	[1]
Income (loss) from discontinued operations	-0.31	1.94	[1]	2.9	[1]
Net income	1.61	4.83	[1]	4.41	[1]
SHARES USED IN PER SHARE CALCULATIONS
Basic	173.7	170.6	[1]	165.6	[1]
Diluted	174	175.2	[1]	178.1	[1]
[1]Amounts include the retrospective adoption of FSP APB 14-1 (now codified principally in ASC 470) implemented in the first quarter of 2009. See Note 5 to Notes to the Consolidated Financial Statements in Item 8 of this annual report.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (USD $)
In Millions	Common Stock	Paid-in Capital		Treasury Stock	Retained Earnings		Accumulated Other Comprehensive Income	Non-Controlling Interest	Total
Balance (in shares) at Dec. 31, 2006	165.7			0.5
Balance at Dec. 31, 2006	1.7	1817.9	[1]	($8)	$819	[1]	3.3	28.3	2662.2	[1]
Cumulative adjustment for adoption of new accounting standards for convertible debt		31.4	[1]		-21.8	[1]			9.6	[1]
Comprehensive income
Net income					778.3	[1]		3.5	781.8	[1]
Foreign Currency Translation							2.6		2.6	[1]
Cumulative adjustment for adoption of new income tax related accounting standards					-18.4	[1]			-18.4	[1]
Cumulative adjustment for adoption of new defined benefit pension plan accounting standards							1.7		1.7	[1]
Total comprehensive income					759.9	[1]	4.3	3.5	767.7	[1]
Purchase of noncontrolling interest								-31.8	-31.8	[1]
Exercise of Stock Options, Value		27.6	[1]				0		27.6	[1]
Tax benefit (deficiency) from stock-based stock-based compensation		7.2	[1]						7.2	[1]
Reclassification of restricted stock awards from equity to liability		5	[1]						5	[1]
Stock-based compensation, net	0	28.4	[1]	-1.9					26.5	[1]
Stock-based compensation, net (in shares)	1.8			0.1
Balance at Dec. 31, 2007	1.7	1917.5	[1]	-9.9	1557.1	[1]	7.6	0	3,474	[1]
Balance (in shares) at Dec. 31, 2007	167.5			0.6
Comprehensive income
Net income					851.1	[1]			851.1	[1]
Foreign Currency Translation							(6)		(6)	[1]
Foreign Currency Hedges, Net of Tax							0.2		0.2	[1]
Change In Defined Benefit Plan Pension Plan							(1)		(1)	[1]
Total comprehensive income					851.1	[1]	-6.8	0	844.3	[1]
Exercise of Stock Options, Value	0	19	[1]						19	[1]
Exercise of Stock Options, Shares	1.1
Tax benefit (deficiency) from stock-based stock-based compensation		7.6	[1]						7.6	[1]
Retirement of 3 1/4% Convertible Notes	0	31.4	[1]						31.4	[1]
Retirement of 3 1/4% Convertible Notes (in shares)	5
Stock-based compensation, net	0	27.1	[1]	-3.4					23.7	[1]
Stock-based compensation, net (in shares)	0.2			0.1
Balance at Dec. 31, 2008	1.7	2002.6	[1]	-13.3	2408.2	[1]	0.8	0	4,400	[1]
Balance (in shares) at Dec. 31, 2008	173.8			0.7
Comprehensive income
Net income					285.8	[1]			285.8
Foreign Currency Translation							2.4		2.4	[1]
Foreign Currency Hedges, Net of Tax							-0.3		-0.3	[1]
Total comprehensive income					285.8	[1]	2.1	0	287.9	[1]
Exercise of Stock Options, Value		18	[1]						18	[1]
Exercise of Stock Options, Shares	0.9
Tax benefit (deficiency) from stock-based stock-based compensation		-1.4	[1]						-1.4	[1]
Stock-based compensation, net	0.1	39.5	[1]	-3.1					36.5	[1]
Stock-based compensation, net (in shares)	0.8			0.2
Spin-off of Seahawk					-483.2	[1]			-483.2	[1]
Balance at Dec. 31, 2009	1.8	2058.7	[1]	-16.4	2210.8	[1]	2.9	$0	4257.8	[1]
Balance (in shares) at Dec. 31, 2009	175.5			0.9
[1]Amounts include the retrospective adoption of FSP APB 14-1 (now codified principally in ASC 470) implemented in the first quarter of 2009. See Note 5 to Notes to the Consolidated Financial Statements in Item 8 of this annual report.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
NET INCOME ATTRIBUTABLE TO PRIDE	285.8		851.1	[1]	778.3	[1]
Adjustments to reconcile net income to net cash from operating activities
Gain on sale of Eastern Hemisphere land rigs	-5.4		-6.2	[1]	0	[1]
Gain on sale of tender-assist rigs	0		-121.4	[1]	0	[1]
Gain on sale of Latin America and E&P Services segments	0		-56.8	[1]	-268.6	[1]
Gain on sale of equity method investment	0		-11.4	[1]	0	[1]
Depreciation and amortization	196.5		210.8	[1]	269.7	[1]
Amortization and write-offs of deferred financing costs	2.4		5.2	[1]	4	[1]
Amortization of deferred contract liabilities	-53.8		(59)	[1]	-57.3	[1]
Impairment charges	33.4		0	[1]	0	[1]
Gain on sales of assets, net	-0.4		(24)	[1]	-31.5	[1]
Deferred income taxes	-13.2		78.1	[1]	49.8	[1]
Excess tax benefits from stock-based compensation	-1.5		-7.7	[1]	-7.2	[1]
Stock-based compensation	35.9		24.8	[1]	23	[1]
Other, net	0.9		2.2	[1]	16.5	[1]
Net effect of changes in operating accounts (See Note 15)	142.8		-26.9	[1]	(152)	[1]
Change in deferred gain on asset sales and retirements	4.9		-12.3	[1]	0	[1]
Increase (decrease) in deferred revenue	13.8		-8.7	[1]	35.3	[1]
Decrease (increase) in deferred expense	(15)		6.3	[1]	25	[1]
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	627.1		844.1	[1]	685	[1]
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Purchases of property and equipment	-994.4		(984)	[1]	-656.4	[1]
Reduction of cash from spin-off of Seahawk	-82.4		0	[1]	0	[1]
Purchase of net assets of acquired entities, including acquisition costs, less cash acquired	0		0	[1]	(45)	[1]
Proceeds from dispositions of property and equipment	7.4		65.8	[1]	53.4	[1]
Proceeds from the sale of Eastern Hemisphere land rigs, net	9.6		84.9	[1]	0	[1]
Proceeds from sale of tender-assist rigs, net	0		210.8	[1]	0	[1]
Proceeds from sale of equity method investment	0		15	[1]	0	[1]
Proceeds from disposition of Latin America Land and E&P Services segments, net of cash disposed	0		0	[1]	947.1	[1]
Proceeds from insurance	0		25	[1]	0	[1]
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES	-1059.8		-582.5	[1]	299.1	[1]
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Repayments of borrowings	-30.3		-537.2	[1]	-599.5	[1]
Proceeds from debt borrowings	498.2		68	[1]	403	[1]
Debt finance costs	-6.2		-2.7	[1]	0	[1]
Decrease in restricted cash	0		0		1.8
Net proceeds from employee stock transactions	20.1		24.7	[1]	29.7	[1]
Excess tax benefits from stock-based compensation	1.5		7.7	[1]	7.2	[1]
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES	483.3		-439.5	[1]	-157.8	[1]
Increase (decrease) in cash and cash equivalents	50.6		-177.9	[1]	826.3	[1]
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	712.5	[1]	890.4	[1]	64.1
CASH AND CASH EQUIVALENTS, END OF PERIOD	763.1		712.5	[1]	890.4	[1]
[1]Amounts include the retrospective adoption of FSP APB 14-1 (now codified principally in ASC 470) implemented in the first quarter of 2009. See Note 5 to Notes to the Consolidated Financial Statements in Item 8 of this annual report.

NOTE 1. SUMMARY OF SIGNIFICANT

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 23 offshore rigs. We also have four ultra-deepwater drillships under construction. Basis of Presentation In August 2009, we completed the spin-off of Seahawk Drilling Inc., which holds the assets and liabilities that were associated with our 20-rig mat-supported jackup business.Inearly 2008, we completed the sale of our three tender-assist rigs. 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.In August 2007, we completed the sale of our Latin America Land and EP Services segments. The results of operations for all periods presented of the assets disposed of in all of these transactions have been reclassified to income from discontinued operations. Except where noted, the discussions in the following notes relate to our continuing operations only (see Note2). The consolidated financial statements include the accounts of Pride and all entities that we control by ownership of a majority voting interest as well as variable interest entities for which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. Investments over which we have the ability to exercise significant influence over operating and financial policies, but do not hold a controlling interest, are accounted for using the equity method of accounting. Investments in which we do not exercise significant influence are accounted for using the cost method of accounting. Subsequent Events In preparing these financial statements, we have evaluated subsequent events through the date the financial statements are being issued, which is February 19, 2010. 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. Fair Value Accounting We use fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities and to determine fair value disclosures. Our foreign currency forward contracts are recorded at fair value on a recurring basis (see Note 6). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, we use various va

NOTE 2. DISCONTINUED OPERATIONS

NOTE 2. DISCONTINUED OPERATIONS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
DISCONTINUED OPERATIONS	NOTE2.DISCONTINUED OPERATIONS We reclassify, from continuing operations to discontinued operations, for all periods presented, the results of operations for any component either held for sale or disposed of. We define a component as being distinguishable from the rest of our company because it has its own operations and cash flows.A component may be a reportable segment, an operating segment, a reporting unit, a subsidiary, or an asset group.Such reclassifications had no effect on our net income or stockholders equity. Spin-off of Mat-Supported Jackup Business On August 24, 2009, we completed the spin-off of Seahawk, which holds the assets and liabilities that were associated with our mat-supported jackup rig business.In the spin-off, our stockholders received 100% (approximately 11.6 million shares) of the outstanding common stock of Seahawk by way of a pro rata stock dividend.Each of our stockholders of record at the close of business on August 14, 2009 received one share of Seahawk common stock for every 15 shares of our common stock held by such stockholder and cash in lieu of any fractional shares of Seahawk common stock to which such stockholder otherwise would have been entitled. The following table presents selected information regarding the results of operations of our former mat-supported jackup business: 2009(1) 2008 2007 Revenues $ 189.4 $ 607.9 $ 622.5 Operating costs, excluding depreciation and amortization 161.6 326.6 317.2 Depreciation and amortization 37.5 59.2 62.2 General and administrative, excluding depreciation and amortization 34.3 3.9 0.1 Impairment expense 33.4 - - Gain on sales of assets, net (5.0 ) (24.2 ) (0.7 ) Earnings (loss) from operations $ (72.4 ) $ 242.4 $ 243.7 Other income (expense), net 2.6 (2.5 ) 0.1 Income (loss) before taxes (69.8 ) 239.9 243.8 Income taxes 17.1 (83.2 ) (82.3 ) Income (loss) from discontinued operations $ (52.7 ) $ 156.7 $ 161.5 (1) Includes results of operations through August 24, 2009 (the effective date of the spin-off). In connection with the spin-off, we made a cash contribution to Seahawk of approximately $47.3 million to achieve a targeted working capital for Seahawk as of May 31, 2009 of $85 million. We and Seahawk also agreed to indemnify each other for certain liabilities that may arise or be incurred in the future attributable to our respective businesses. As of the date of the spin-off, we conducted a fair value assessment of the long-lived assets of Seahawk to determine whether an impairment loss should be recognized. We used multiple valuation methods and weighted the results of those methods for the final fair value determination. For the first valuation technique, we applied the income approach using a discounted cash flows methodology. Our valuation was based upon unobservable inputs that required us to make assumptions about the future performance of the mat-supported jackup rigs for which there is little or no mark

NOTE 3. ACQUISITIONS

NOTE 3. ACQUISITIONS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
ACQUISITIONS	NOTE 3. ACQUISITIONS In August 2007, we acquired the remaining nine percent interest in the joint venture company that manages our Angolan operations from our partner Sonangol, the national oil company of Angola, for $45.0 million in cash, bringing our total ownership interest to 100%. Prior to this acquisition, we owned a 91% interest in the joint venture company and fully consolidated the balance sheet and results of operations of the joint venture company. The principal assets of the joint venture company include the two ultra-deepwater drillships the Pride Africa and Pride Angola, the jackup rig Pride Cabinda and management agreements for the deepwater platform rigs the Kizomba A and Kizomba B. Due to our purchase of the remaining joint venture company interest at current market price, we allocated the purchase price by increasing the carrying values of the drillships and the jackup rig by $36.7million and eliminated the remaining minority interest in the joint venture company of $31.8million. The current operating contracts for the Pride Africa and Pride Angola include fixed dayrates that were below dayrates for similar contracts as of the date of the acquisition. Accordingly, we adjusted these drilling contracts to fair value as of the date of the acquisition, and as a result, we recorded a non-cash deferred liability of $23.4 million. The deferred contract liability will be amortized to revenues over the remaining lives of the contracts of approximately one to four years.

NOTE 4. PROPERTY AND EQUIPMENT

NOTE 4. PROPERTY AND EQUIPMENT
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
PROPERTY AND EQUIPMENT	NOTE4.PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31: 2009 2008 (As Adjusted) Rigs and rig equipment $ 4,101.4 $ 4,873.6 Construction-in-progress - newbuild drillships 1,682.4 965.5 Construction-in-progress - other 222.8 165.7 Other 84.4 63.0 Property and equipment, cost 6,091.0 6,067.8 Accumulated depreciation and amortization (1,200.7 ) (1,474.9 ) Property and equipment, net $ 4,890.3 $ 4,592.9 Depreciation and amortization expense of property and equipment for 2009, 2008 and 2007 was $159.0 million, $147.3 million and $153.1 million, respectively. During 2009, 2008 and 2007, maintenance and repair costs included in operating costs on the accompanying consolidated statements of operations were $129.1 million, $112.1 million and $63.8 million, respectively. We capitalize interest applicable to the construction of significant additions to property and equipment. For 2009, 2008 and 2007, we capitalized interest of $74.7 million, $41.2 million and $11.2 million, respectively. For 2009, 2008 and 2007, total interest costs, including amortization of debt issuance costs, were $74.8 million, $61.2 million and $94.3 million, respectively. Construction-in-progress Newbuild Drillships In July 2007, we acquired an ultra-deepwater drillship under construction. We paid the seller $108.5million in cash and assumed its obligations under the construction contract, including remaining scheduled payments of approximately $540.0million. The construction contract provides that, following shipyard construction, commissioning and testing, the drillship is to be delivered to us in the first quarter of 2010. We have the right to rescind the contract for delays exceeding certain periods and the right to liquidated damages from the shipyard for delays during certain periods. During 2007 and 2008, we entered into agreements to construct three additional advanced-capability ultra-deepwater drillships. The agreements contain fixed purchase prices with scheduled delivery in the third quarter of 2010 and the first and fourth quarters of 2011. We have the right to rescind the contract for delays exceeding certain periods and the right to liquidated damages from the shipyard for delays during certain periods. We expect the total project costs for the four drillships, including commissioning and testing, to be approximately $2.9billion, excluding capitalized interest. As of December31, 2009, construction-in-progress related to these four drillship construction contracts was $1,559.7 million, excluding $122.7million of capitalized interest.As of December31, 2008, construction-in-progress related to these four drillship construction contracts was $917.6 million, excluding $44.6million of capitalized interest. At December31, 2009, our purchase obligations to the shipyard related to our four newbuild drillship construction projects as of such date are as follows: Amount 2010 $ 489.7 2011 643.8 2012 - 2013 - 2014 - Thereafter

NOTE 5. INDEBTEDNESS

NOTE 5. INDEBTEDNESS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
INDEBTEDNESS	NOTE5.INDEBTEDNESS Senior Unsecured Revolving Credit Facility In December2008, we entered into an unsecured revolving credit agreement with a group of banks providing for availability of up to $300.0million, which was increased to $320.0 million in July 2009. The credit facility matures in December2011. The credit facility has an accordion feature that would, under certain circumstances, allow us to increase the availability under the facility to up to $600.0million. Amounts drawn under the credit facility bear interest at variable rates based on LIBOR plus a margin or the alternative base rate as defined in the agreement. The interest rate margin applicable to LIBOR advances varies based on our credit rating. The credit facility contains a number of covenants restricting, among other things, liens; indebtedness of our subsidiaries; mergers and dispositions of all or substantially all of our or certain of our subsidiaries assets; agreements limiting the ability of subsidiaries to make dividends, distributions or other payments to us or other subsidiaries; affiliate transactions; amendments or other modifications to the charter, bylaws or similar documents of us and our subsidiaries; hedging arrangements outside the ordinary course of business; and sale-leaseback transactions. The facility also requires us to maintain certain ratios with respect to earnings to interest expenses and debt to tangible capitalization. The facility contains customary events of default, including with respect to a change of control. Borrowings under the credit facility are available to make investments, acquisitions and capital expenditures, to repay and back-up commercial paper and for other general corporate purposes.We may obtain up to $100million of letters of credit under the facility. As of December31, 2009 and 2008, there were no outstanding borrowings and no letters of credit outstanding under the facility. Senior Secured Credit Facility In connection with the closing under our new credit facility, we terminated our then-existing $500 million senior secured revolving credit facility. Amounts drawn under the facility bore interest at variable rates based on LIBOR plus a margin or the base rate plus a margin. The interest rate margin varied based on our leverage ratio. The revolving credit facility would have matured in July 2009. In connection with the retirement of the facility, we recognized a charge of $1.1 million related to the write-off of unamortized debt issuance costs, which is included in Refinancing charges for the year ended December 31, 2008. Our indebtedness consisted of the following at December 31: 2009 2008 Senior unsecured revolving credit facility $ - $ - 8 1/2% Senior Notes due 2019, net of unamortized discount of $1.7 million 498.3 - 7 3/8%Senior Notes due 2014, net of unamortized discount of $1.4million and $1.7 million, respectively 498.6 498.3 MARAD notes, net of unamortized fair value discount of $1.9 million and$2.4 million, respectively 195.1 224.9 Total debt 1,192.0 723.2 Less: current portion of long-term debt 30

NOTE 6. FINANCIAL INSTRUMENTS

NOTE 6. FINANCIAL INSTRUMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
FINANCIAL INSTRUMENTS	NOTE6.FINANCIAL INSTRUMENTS Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, foreign currency forward contracts and debt. Except as described below, the estimated fair value of such financial instruments at December31, 2009 and 2008 approximate their carrying value as reflected in our consolidated balance sheets. The estimated fair value of our debt at December31, 2009 and 2008 was $1,307.6million and $702.5million, respectively, which differs from the carrying amounts of $1,192.0 million and $723.2million, respectively, included in our consolidated balance sheets. The fair value of our debt has been estimated based on year-end quoted market prices. Interest Rate Swap and Cap Agreements Our drillship loan facility required us to maintain interest rate swap and cap agreements, which were all settled as part of the retirement of the loan facility in March 2008. We did not designate any of the interest rate swap and cap agreements as hedging instruments. Accordingly, the changes in fair value of the interest rate swap and cap agreements were recorded in earnings. In 2008, we recognized a charge of $1.7 million for the realized loss on the settlement of the interest rate swap and cap agreements, which is included in Other income, net. Foreign Exchange Risks Our operations are subject to foreign exchange risks, including the risks of adverse foreign currency fluctuations and devaluations and of restrictions on currency repatriation. We attempt to limit the risks of adverse currency fluctuations and restrictions on currency repatriation by obtaining contracts providing for payment in U.S.dollars or freely convertible foreign currency. To the extent possible, we may seek to limit our exposure to local currencies by matching its acceptance thereof to its expense requirements in such currencies. Cash Flow Hedging In September 2008, we initiated 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 is offset by lower future payroll costs. Conversely, when the U.S. dollar weakens, the increase in value of forward contracts offsets higher future payroll costs. When effective, these transactions should generate cash flows that directly offset the cash flow impact from changes in the value of our forecasted Euro-denominated payroll transactions. 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 $6.0 million and $7.0 million at December 31, 2009 and 2008, respectively. All of our foreign currency forward contracts were accounted for as cash flow hedges. 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 lo

NOTE 7. INVESTMENTS IN AFFILIAT

NOTE 7. INVESTMENTS IN AFFILIATES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
INVESTMENTS IN AFFILIATES	NOTE7.INVESTMENTS IN AFFILIATES As of December31, 2007, we had a 30% interest in United Gulf Energy Resource Co. SAOC-Sultanate of Oman (UGER), which owns 99.9% of National Drilling and Services Co. LLC (NDSC), an Omani company. NDSC owns and operates four land drilling rigs. As of December31, 2007, our investment in UGER was $3.4million. In February 2008, we sold our interest in UGER for approximately $15million.

NOTE 8. INCOME TAXES

NOTE 8. INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
INCOME TAXES	NOTE8.INCOME TAXES The provision for income taxes on income from continuing operations is comprised of the following for the years ended December 31: 2009 2008 2007 U.S.: Current $ 0.6 $ 20.4 $ 8.5 Deferred 19.0 18.9 1.5 Total U.S. 19.6 39.3 10.0 Foreign: Current 51.9 93.6 73.4 Deferred 0.3 0.6 3.5 Total foreign 52.2 94.2 76.9 Income taxes $ 71.8 $ 133.5 $ 86.9 A reconciliation of the differences between our income taxes computed at the U.S.statutory rate and our income taxes from continuing operations before income taxes and minority interest as reported is summarized as follows for the years ended December 31: 2009 2008 2007 Amount Rate (%) Amount Rate (%) Amount Rate (%) U.S.statutory rate $ 144.2 35.0 $ 224.8 35.0 $ 121.3 35.0 Taxes on foreign earnings at greater (lesser) than the U.S. statutory rate (93.7 ) (22.7 ) (102.9 ) (16.0 ) (38.3 ) (11.1 ) Change in valuation allowance - - - - (6.9 ) (2.0 ) Tax benefit from prior year FTC - - - - (6.6 ) (1.9 ) Change in unrecognized tax benefits 1.4 0.3 4.2 0.6 5.0 1.5 Nondeductible fines and penalties 19.9 4.8 0.1 - 0.1 - Other - - 7.3 1.2 12.3 3.6 Income taxes $ 71.8 17.4 $ 133.5 20.8 $ 86.9 25.1 The 2009 effective tax rate is below the U.S.statutory tax rate primarily due to certain profits taxed in low-tax jurisdictions, tax benefits derived from uncertain tax positions previously unrecognized and tax benefits related to the finalization of certain tax returns, partially offset by nondeductible fines and penalties.The 2008 effective tax rate is below the U.S.statutory tax rate primarily due to certain profits taxed in low-tax jurisdictions. The 2007 tax rate is below the U.S. statutory rate primarily due to certain profits taxed in the low-tax jurisdictions and the recognition of a U.S. foreign tax credit benefit for a prior period. The domestic and foreign components of income from continuing operations before income taxes and minority interest were as follows for the years ended December 31: 2009 2008 2007 U.S. $ 15.7 $ 193.6 $ 39.2 Foreign 396.4 448.6 307.5 Income from continuing operations before income taxes and minority interest $ 412.1 $ 642.2 $ 346.7 The tax effects of temporary differences that give rise to significant portions of the deferred tax liabilities and deferred tax assets were as follows at December 31: 2009 2008 Deferred tax assets: Operating loss carryforwards $ 27.2 $ 42.2 Tax credit carryforwards 25.8 86.6 Employee stock-based awards and other benefits 35.3 25.8 Other 7.6 9.2 Sub

NOTE 9. STOCKHOLDERS' EQUITY

NOTE 9. STOCKHOLDERS' EQUITY
	1/1/2009 - 12/31/2009 USD / shares
Notes To Financial Statements [Abstract]
STOCKHOLDERS' EQUITY	NOTE9.STOCKHOLDERS EQUITY Preferred Stock We are authorized to issue 50.0million shares of preferred stock with a par value $0.01 per share. Our Board of Directors has the authority to issue shares of preferred stock in one or more series and to fix the number of shares, designations and other terms of each series. The Board of Directors has designated 4.0million shares of preferred stock to constitute the SeriesA Junior Participating Preferred Stock in connection with our stockholders rights plan. As of December31, 2009 and 2008, no shares of preferred stock were outstanding. Common Stock In connection with the retirement in the second quarter of 2008 of our 3% Convertible Senior Notes Due 2033, we issued a total of 5.0 million shares of common stock to the holders (See Note 5). Stockholders Rights Plan We have a preferred share purchase rights plan. Under the plan, each share of common stock includes one right to purchase preferred stock. The rights will separate from the common stock and become exercisable (1)ten days after public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 15% of our outstanding common stock or (2)ten business days following the start of a tender offer or exchange offer that would result in a persons acquiring beneficial ownership of 15% of our outstanding common stock. A 15% beneficial owner is referred to as an acquiring person under the plan. In 2008, our Board of Directors took action under the plan to reduce the applicable percentage of beneficial stock ownership that triggers the plan, only as it relates to Seadrill Limited and its affiliates and associates, from 15% to 10%. Our Board of Directors can elect to delay the separation of the rights from the common stock beyond the ten-day periods referred to above. The plan also confers on the board the discretion to increase or decrease the level of ownership that causes a person to become an acquiring person. Until the rights are separately distributed, the rights will be evidenced by the common stock certificates and will be transferred with and only with the common stock certificates. After the rights are separately distributed, each right will entitle the holder to purchase from us one one-hundredth of a share of SeriesA Junior Participating Preferred Stock for a purchase price of $50. The rights will expire at the close of business on September30, 2011, unless we redeem or exchange them earlier as described below. If a person becomes an acquiring person, the rights will become rights to purchase shares of our common stock for one-half the current market price, as defined in the rights agreement, of the common stock. This occurrence is referred to as a flip-in event under the plan. After any flip-in event, all rights that are beneficially owned by an acquiring person, or by certain related parties, will be null and void. Our Board of Directors has the power to decide that a particular tender or exchange offer for all outstanding shares of our common stock is fair to and otherwise in the best interests of our stockholders. If our Board of

NOTE 10. EARNINGS PER SHARE

NOTE 10. EARNINGS PER SHARE
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
EARNINGS PER SHARE	NOTE10.EARNINGS PER SHARE ASC Topic 260, Earnings Per Share, clarifies that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid,are participating securities and should be included in the computation of earnings per share under the two class method. 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 retrospectively revised our prior period calculationsto exclude net income allocated to these unvested restricted stock awards. Basic and diluted income from continuing operations per share decreased by $0.03 and $0.01 for the years ended December 31, 2008 and 2007, respectively. We decreased basic and diluted net income per share by $0.05 and $0.04 for the years ended December 31, 2008 and 2007, respectively. The following table presents information necessary to calculate basic and diluted earnings per share from continuing operations for the years ended December 31: 2009 2008 2007 Income from continuing operations $ 340.3 $ 508.7 $ 256.3 Income from continuing operations allocated to non-vested share awards (5.1 ) (5.4 ) (2.4 ) Income from continuing operations - basic 335.2 503.3 253.9 Interest expense on convertible notes - 5.1 22.1 Income tax effect - (1.8 ) (7.7 ) Income from continuing operations - diluted $ 335.2 $ 506.6 $ 268.3 Weighted average shares of common stock outstanding - basic 173.7 170.6 165.6 Convertible notes - 4.1 11.7 Stock options 0.3 0.5 0.8 Weighted average shares of common stock outstanding - diluted 174.0 175.2 178.1 Income from continuing operations per share: Basic $ 1.93 $ 2.95 $ 1.54 Diluted $ 1.92 $ 2.89 $ 1.51 The calculation of weighted average shares of common stock outstanding - diluted, as adjusted, excludes 2.0million, 1.2million and 1.1million of common stock issuable pursuant to outstanding stock options for the years ended December31, 2009, 2008 and 2007, respectively, because their effect was antidilutive.

NOTE 11. STOCK-BASED COMPENSATI

NOTE 11. STOCK-BASED COMPENSATION
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
STOCK-BASED COMPENSATION	NOTE11.STOCK-BASED COMPENSATION 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. Under the terms of our stock-based compensation plans, the number of shares available for awards under the plans was adjusted pursuant to the terms of the plans to prevent dilution as a result of the spin-off of Seahawk. This adjustment resulted in additional shares being made available for awards under the plans in the following amounts: 366,404 shares under our 2007 Long-Term Incentive Plan and 5,991 shares under our 2004 Directors' Stock Incentive Plan. An adjustment was also made under our Employee Stock Purchase Plan to add an additional 8,798 shares available for issuance under the plan. As of December31, 2009, two of our plans had shares available for future option grants or other awards. We had a total of approximately 89,000 shares available for award under the 2004Directors Stock Incentive Plan. Under the 2007 Long-Term Incentive Plan, approximately 5.5million shares are available for award, of which a maximum of approximately 2.6 million shares may be awards other than options and stock appreciation rights, such as restricted stock. Stock-based compensation expense related to stock options, restricted stock and our ESPP was allocated as follows: 2009 Operating costs, excluding depreciation and amortization $ 19.9 General and administrative, excluding depreciation and amortization 16.0 Stock-based compensation expense before income taxes 35.9 Income tax benefit (10.3 ) Total stock-based compensation expense after income taxes $ 25.6 The fair value of stock option awards is estimated on the date of grant using the Black-Scholes-Merton model with the following weighted average assumptions: Stock Options ESPP 2009 2008 2007 2009 Dividend yield 0.0% 0.0% 0.0% 0.0% Expected volatility 31.8% 35.1% 31.2% 31.8% Risk-free interest rate 1.7% 3.3% 4.7% 1.7% Expected life 5.3 years 5.3 years 6.3 years 0.5 years Weighted average grant-date fair value of stock options granted $5.60 $12.92 $11.80 $5.02 For the year ended December 31, 2009, we changed our methodology for estimating expected volatility from implied volatility calculated based on actively traded options on our common stock to a combination of historical volatility and peer group historical volatility.This resulted in a change in our 2009 volatility, from 68.7% to 31.8%.See Stock-Based Compensation in Note 1 of the Notes to Consolidated Financial Statements. The following table summarizes activity in our stock options: Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price per Contractual Intrinsic Shares Share Term Value (In Thousands) (In Years)

NOTE 12. EMPLOYEE BENEFIT PLANS

NOTE 12. EMPLOYEE BENEFIT PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
EMPLOYEE BENEFIT PLANS	NOTE12.EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans We have a non-qualified Supplemental Executive Retirement Plan (the SERP) that provides for benefits, to the extent vested, to be paid to participating executive officers upon the officers termination or retirement. No assets are held with respect to the SERP; therefore, benefits will be funded when paid to the participants. We recorded expenses of $3.4million, $3.5million and $5.6million related to the SERP in 2009, 2008 and 2007, respectively. As of December31, 2009 and 2008, the unfunded accrued pension liability was $22.1million and $18.0million, respectively. We also have a post-retirement plan to provide medical benefits, to the extent vested, for participating executive officers upon the officers retirement or termination. The total liabilities for the underfunded plan were approximately $1.6 million as of December 31, 2009 and approximately $1.0 million as of December 31, 2008. One of our foreign subsidiaries has a defined benefit pension plan covering substantially all of their eligible employees. Benefits under this plan are typically based on years of service and final average compensation levels. The plans are managed in accordance with applicable local statutes and practices. As of December 31, 2009 and 2008, based on the funded status of this plan, total assets for overfunded plans were approximately $0.6 million and $0.5 million, respectively. Defined Contribution Plan We have a 401(k) defined contribution plan for generally all of our U.S.employees that allows eligible employees to defer up to 50% of their eligible annual compensation, with certain limitations. At our discretion, we may match up to 100% of the first 6% of compensation deferred by participants. Our contributions to the plan amounted to $7.0 million, $9.2million and $6.4million in 2009, 2008 and 2007, respectively. In addition, we have a deferred compensation plan that allows senior managers and other highly compensated employees, as defined in the plan, to participate in an unfunded, non-qualified plan. Participants may defer up to 100% of compensation, including bonuses and net proceeds from the exercise of stock options.

NOTE 13. COMMITMENTS AND CONTIN

NOTE 13. COMMITMENTS AND CONTINGENCIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE13.COMMITMENTS AND CONTINGENCIES Leases At December31, 2009, we had entered into long-term non-cancelable operating leases covering certain facilities and equipment. The minimum annual rental commitments are as follows for the years ending December 31: Amount 2010 $ 10.5 2011 7.6 2012 6.7 2013 4.6 2014 4.2 Thereafter 14.4 $ 48.0 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 investigation and 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 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 2003 through 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 that other 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 importation of one of our jackup rigs. The evidence suggests that the aggregate amount of payments referred to in this paragraph is less than $2.5 mi

NOTE 14. SEGMENT AND GEOGRAPHIC

NOTE 14. SEGMENT AND GEOGRAPHIC INFORMATION
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
SEGMENT AND GEOGRAPHIC INFORMATION	NOTE14.SEGMENT AND GEOGRAPHIC INFORMATION We organize our reportable segments based on water depth operating capabilities of our drilling rigs. Our reportable segments include Deepwater, which consists of our rigs capable of drilling in water depths of 4,500 feet and greater; Midwater, which consists of our semisubmersible rigs capable of drilling in water depths of 4,499 feet or less; and Independent Leg Jackups, which consists of our rigs capable of operating in water depths up to 300 feet. We also manage the drilling operations for 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 listed below. 2009 2008 2007 Deepwater revenues: Revenues excluding reimbursables $ 810.3 $ 874.6 $ 636.5 Reimbursable revenues 12.8 7.6 7.3 Total Deepwater revenues 823.1 882.2 643.8 Midwater revenues: Revenues excluding reimbursables 412.9 419.5 329.5 Reimbursable revenues 6.5 6.0 5.0 Total Midwater revenues 419.4 425.5 334.5 Independent Leg Jackup revenues: Revenues excluding reimbursables 264.0 273.9 220.4 Reimbursable revenues 1.3 1.3 1.4 Total Independent Leg Jackup revenues 265.3 275.2 221.8 Other 83.0 119.2 127.9 Corporate 3.4 0.5 1.0 Total revenues $ 1,594.2 $ 1,702.6 $ 1,329.0 Earnings (loss) from continuing operations: Deepwater $ 348.3 $ 454.7 $ 267.4 Midwater 129.0 163.6 141.4 Independent Leg Jackups 105.4 133.2 92.5 Other 4.8 7.8 59.3 Corporate (174.2 ) (132.2 ) (142.4 ) Total $ 413.3 $ 627.1 $ 418.2 Capital expenditures: Deepwater $ 893.6 $ 714.4 336.8 Midwater 39.6 169.3 101.1 Independent Leg Jackups 11.6 40.1 39.6 Other 2.8 7.5 12.1 Corporate 21.8 29.4 21.9 Discontinued operations 25.0 23.3 144.9 Total $ 994.4 $ 984.0 $ 656.4 Depreciation and amortization: Deepwater $ 76.7 $ 72.2 $ 83.9 Midwater 45.3 42.0 37.2 Independent Leg Jackups 29.0 26.8 26.3 Other 0.3 1.7 3.2 Corporate 7.7 4.6 2.5 Total $ 159.0 $ 147.3 $ 153.1 We measure segment assets as property and equipment and goodwill. As of December 31, 2008, we had goodwill of $1.2 million related to our former mat-supported jackup business which was subsequently distributed in the spin-off of this

NOTE 15. OTHER SUPPLEMENTAL INF

NOTE 15. OTHER SUPPLEMENTAL INFORMATION
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
OTHER SUPPLEMENTAL INFORMATION	NOTE15.OTHER SUPPLEMENTAL INFORMATION Prepaid expenses and other current assets consisted of the following at December 31: 2009 2008 Other receivables $ 68.0 $ 62.2 Prepaid expenses 23.5 31.0 Deferred mobilization and inspection costs 23.3 26.4 Insurance receivables 1.8 52.3 Other 6.7 5.5 Total $ 123.3 $ 177.4 Accrued expenses and other current liabilities consisted of the following at December 31: 2009 2008 Deferred mobilization revenues $ 65.5 $ 78.1 Payroll and benefits 59.7 82.3 Department of Justice and Securities and Exchange Commission fines 56.2 - Short-term indemnity 35.2 19.5 Interest 21.9 20.2 Current income taxes 13.9 70.7 Importation duties 13.6 7.5 Taxes other than income 5.4 18.9 Salvage costs - 41.2 Other 68.3 65.0 Total $ 339.7 $ 403.4 Supplemental consolidated statement of operations information is as follows for the years ended December 31: 2009 2008 2007 Rental expense $ 48.7 $ 46.8 $ 43.1 Other income (loss), net Foreign exchange gain (loss) $ (5.5 ) $ 10.2 $ (2.9 ) Realized and unrealized changes in fair value of derivatives - - (1.0 ) Equity earnings in unconsolidated subsidiaries - 0.2 1.0 Other 1.4 10.2 0.2 Total $ (4.1 ) $ 20.6 $ (2.7 ) Supplemental cash flows and non-cash transactions were as follows for the years ended December 31: 2009 2008 2007 Decrease (increase) in: Trade receivables $ 118.4 $ (101.2 ) $ (78.5 ) Prepaid expenses and other current assets 7.6 9.4 (0.7 ) Other assets (18.3 ) (2.5 ) (19.0 ) Increase (decrease) in: Accounts payable (14.9 ) 58.8 (53.5 ) Accrued expenses 44.1 (15.9 ) (15.6 ) Other liabilities 5.9 24.5 15.3 Net effect of changes in operating accounts $ 142.8 $ (26.9 ) $ (152.0 ) Cash paid during the year for: Interest $ 70.2 $ 56.1 $ 77.6 Income taxes U.S., net 0.6 2.4 8.6 Income taxes foreign, net 123.7 145.8 127.6 Change in capital expenditures in accounts payable 24.0 (54.6 ) (50.6 )

NOTE 16. SELECTED QUARTERLY FIN

NOTE 16. SELECTED QUARTERLY FINANCIAL DATA (1) (UNAUDITED)
	12 Months Ended Dec. 31, 2009 USD / shares
Notes To Financial Statements [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (1) (UNAUDITED)	NOTE16.SELECTED QUARTERLY FINANCIAL DATA (1) (UNAUDITED) First Second Third Fourth Quarter Quarter Quarter Quarter 2009 Revenues $ 451.9 $ 439.5 $ 386.1 $ 316.7 Earnings from operations 172.4 164.3 100.1 (23.5 ) Income from continuing operations, net of tax 148.9 134.7 79.9 (23.2 ) Income from discontinued operations, net of tax 10.0 (10.6 ) (44.3 ) (9.6 ) Net income 158.9 124.1 35.6 (32.8 ) Basic earnings per share: Income from continuing operations 0.84 0.76 0.45 (0.13 ) Income from discontinued operations 0.06 (0.06 ) (0.25 ) (0.06 ) Net income $ 0.90 $ 0.70 $ 0.20 $ (0.19 ) Diluted earnings per share: Income from continuing operations 0.84 0.76 0.45 (0.13 ) Income from discontinued operations 0.06 (0.06 ) (0.25 ) (0.06 ) Net income $ 0.90 $ 0.70 $ 0.20 $ (0.19 ) 2008 Revenues $ 368.5 $ 380.7 $ 463.3 $ 490.2 Earnings from operations 111.6 114.6 185.0 215.9 Income from continuing operations, net of tax 93.2 98.9 144.2 172.4 Income from discontinued operations, net of tax 146.8 88.4 44.9 62.3 Net income 240.0 187.3 189.1 234.7 Basic earnings per share: Income from continuing operations 0.55 0.58 0.82 0.99 Income from discontinued operations 0.87 0.51 0.26 0.36 Net income $ 1.42 $ 1.09 $ 1.08 $ 1.35 Diluted earnings per share: Income from continuing operations 0.53 0.56 0.82 0.99 Income from discontinued operations 0.81 0.50 0.26 0.36 Net income $ 1.34 $ 1.06 $ 1.08 $ 1.35 ____________ (1) All periods presented reflect the reclassification of our former mat-supported jackup business, our former Latin America Land and EP Services segments, three tender-assist barge rigs and remaining Eastern Hemisphere land rig operations to discontinued operations.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information [Text Block]
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 15, 2010	Jun. 30, 2009
Entity [Text Block]
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			$4,300,000,000
Entity Common Stock, Shares Outstanding		175,576,393