EXHIBIT 99.1

                     [BUSINESS LETTERHEAD OF RAY H. TOLSON]

                         PRIDE PETROLEUM SERVICES, INC.
                      1500 CITY WEST BOULEVARD, SUITE 400
                              HOUSTON, TEXAS 77042

                                                                January   , 1997

Dear Fellow Shareholder:

     You are cordially invited to attend a Special Meeting of Shareholders of
Pride Petroleum Services, Inc. at the Westchase Hilton, 9999 Westheimer,
Houston, Texas on Friday, February 21, 1997, at 9:00 a.m., Houston time.

     At the Special Meeting, you will be asked to approve a single, unified
proposal (i) to amend Pride's Restated Articles of Incorporation to increase the
number of authorized shares of Pride common stock from 40,000,000 to 100,000,000
and (ii) to issue approximately 11,100,000 shares of Pride common stock in
connection with Pride's acquisition of the operating subsidiaries of
Forasol-Foramer N.V., a Dutch company that, through its subsidiaries and joint
ventures, provides drilling, workover and related services to oil and gas
companies worldwide. The acquisition also involves a cash payment by Pride of
approximately $113,200,000. The amendment to the Restated Articles and the
Forasol-Foramer acquisition are more fully described in the enclosed Proxy
Statement/Prospectus, which you are urged to read carefully.

     Your Board of Directors believes that the proposed amendment to the
Restated Articles and the Forasol-Foramer acquisition, which have been
unanimously approved by the Board, are in the best interests of Pride and its
shareholders and recommends that you vote FOR their approval. In addition, the
Board of Directors has received the opinion of Simmons & Company International
to the effect that the terms of the Forasol-Foramer acquisition are fair to the
shareholders of Pride from a financial point of view. Approval and adoption of
these matters requires the affirmative vote of the holders of a majority of the
outstanding shares of Pride Common Stock represented in person or by proxy, and
constituting a quorum, at the Special Meeting.

     The Board of Directors believes that the Forasol-Foramer acquisition
implements Pride's strategic objectives of achieving revenue and earnings growth
through acquisitions in international and offshore markets, including related
consolidation savings and economies of scale. In particular, the acquisition
will significantly increase Pride's ability to profit from certain offshore and
international markets where the Board believes business prospects are currently
very favorable. Additionally, the Board of Directors believes that the
previously announced sale of Pride's domestic land well servicing assets further
implements its strategic objectives to focus Pride on international and offshore
markets. These markets are believed to hold better prospects for continued
growth and superior performance. Upon completion of the Forasol-Foramer
acquisition, domestic land workover operations would have produced only
approximately 15% of Pride's consolidated revenues and only about 5% of
consolidated earnings. The sale of these assets will allow Pride to strengthen
its balance sheet, thereby positioning it for continued growth in international
and offshore areas.

     Regardless of whether you plan to be at the Special Meeting of
Shareholders, please date, sign and return the proxy in the enclosed
postage-paid envelope as promptly as possible so that your shares may be
represented at the meeting and voted in accordance with your wishes. Your vote
is important regardless of the number of shares you own.

                                         Sincerely,

                                         Ray H. Tolson
                                         CHAIRMAN OF THE BOARD, PRESIDENT
                                         AND CHIEF EXECUTIVE OFFICER