PRIDE INTERNATIONAL, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (in thousands, except per share amounts)
 (unaudited)
 
 Three Months Ended Twelve Months Ended
 December 31, December 31,
 2004(1) 2003(1),(2) 2004(1) 2003(1),(2)
 RESTATED  RESTATED
 
 Revenues $448,058 $397,888 $1,712,200 $1,565,806
 
 Costs of services, excluding
 depreciation and amortization 310,932 283,861 1,146,179 1,038,282
 Impairment charges 24,898 -- 24,898 --
 Depreciation and amortization 66,304 63,430 265,311 250,882
 General and administrative,
 excluding depreciation and
 amortization 21,598 21,320 74,497 56,263
 
 Earnings from operations 24,326 29,277 201,315 220,379
 
 Other income (expense)
 Interest expense (28,635) (30,178) (119,433) (130,663)
 Refinancing charges (6,441) -- (37,239) (6,369)
 Interest income 1,693 1,854 3,881 3,182
 Other income, net 52,481 7,272 49,544 9,898
 Other income (expense), net 19,098 (21,052) (103,247) (123,952)
 
 Income from continuing operations
 before income taxes & minority
 interest 43,424 8,225 98,068 96,427
 Income tax provision 22,852 6,044 61,731 33,982
 Minority interest 4,530 4,730 22,311 19,896
 Income (loss) from continuing
 operations 16,042 (2,549) 14,026 42,549
 
 Discontinued operations
 Income (loss) from discontinued
 operations 5,184 (51,563) (27,281) (98,442)
 Income tax provision (benefit) 3,805 (18,047) (9,549) (34,455)
 Income (loss) on discontinued
 operations 1,379 (33,516) (17,732) (63,987)
 
 Net earnings (loss) $17,421 $(36,065) $(3,706) $(21,438)
 
 Net earnings (loss) per share:
 Basic
 Income (loss) from continuing
 operations $0.12 $(0.02) $ 0.10 $0.32
 
 Discontinued operations 0.01 (0.25) (0.13) (0.48)
 Net earnings (loss) $0.13 $(0.27) $(0.03) $(0.16)
 
 Diluted
 Income (loss) from continuing
 operations $0.11 $(0.02) $0.10 $0.31
 
 Discontinued operations $0.01 $(0.25) $(0.13) $(0.41)
 Net earnings (loss) $0.12 $(0.27) $(0.03) $(0.10)
 
 Shares used in per share
 calculations
 Basic 136,170 135,291 135,821 134,704
 
  Diluted 156,008 135,291 137,301 155,624
 
 
 (1) The three and twelve months ended December 31, 2004 and December 31,
 2003 results reflect a reclassification of certain costs from "general
 and administrative expenses" to "operating expenses". In addition,
 the results have been restated to reflect the discontinuation of
 operations for the fixed-fee construction line of business.
 (2) The three and twelve months ended December 31, 2003 have been restated
 to reflect corrections of certain errors. See the following table for
 a reconciliation of these periods.
 
 
 
 Summary of 2003 Restatement
  2003
 As
 Reported(1) Adjustments Restated
 
 Revenues $1,565,806 $ -- $1,565,806
  Operating costs 1,039,661 (1,379)(d) 1,038,282
 
 Depreciation and amortization 249,222 1,660(a)(b) 250,882
 General and administrative 56,263 -- 56,263
 Earnings from operations 220,660 (281) 220,379
 Other income (expense):
 Interest expense (133,227) 2,564(a) (130,663)
 Other income (expense) 6,711 -- 6,711
 Income from continuing
 operations before
 Income taxes and minority
 interest 94,144 2,283 96,427
 Income tax provision 33,325 657 33,982
 Minority interest  20,765 (869) 19,896
 Income from continuing
 operations $40,054 $2,495 $42,549
 
 
 For the Quarter Ended December 31, 2003
  As
 Reported(1) Adjustments Restated
 
 Revenues $397,888 $ -- $397,888
 Operating costs 284,590 (729)(d) 283,861
 Depreciation and amortization 63,446 (16)(a)(b) 63,430
 General and administrative 21,320 -- 21,320
 Earnings from operations 28,532 745 29,277
 Other income (expense):
  Interest expense (31,927) 1,749 (a) (30,178)
 Other income (expense) 9,126 -- 9,126
 Income from continuing
 operations before
 Income taxes and minority
 interest  5,731 2,494 8,225
 Income tax provision 5,344 700 (c) 6,044
 Minority interest 5,323 (593)(b) 4,730
 Income from continuing
 operations $(4,936) $2,387 $(2,549)
 
 
 (1) The three and twelve months ended December 31, 2004 and December 31,
 2003 results reflect a reclassification of certain costs from "general
 and administrative expenses" to "operating expenses". In addition,
 the results have been restated to reflect the discontinuation of
 operations for the fixed-fee construction line of business.
 
 a) Adjustments to the fair value of the debt assumed in the Company's
 acquisition of the 73.6% of the joint venture that owned the Pride
 Carlos Walter and Pride Brazil and the calculation of charges
 associated with the subsequent refinancing of the debt.
 b) Adjustments for the over/under depreciation of certain rigs acquired
 since 1999.
 c) Adjustment due to a mathematical error in the calculation of a tax
 provision in 2002.
 d) Adjustments related to the reconciliation of vendor payable accounts
 and the reclassification of certain finance charges.