PRIDE INTERNATIONAL, INC.
                     CONSOLIDATED STATEMENT OF OPERATIONS
                   (in thousands, except per share amounts)
                                 (unaudited)
 
                                           Three Months Ended March 31,
                                               2005          2004(1)
                                                            RESTATED
    Revenues                                 $467,509       $403,675
    Operating costs, excluding
     depreciation and amortization            324,616        273,690
    Depreciation and amortization              65,142         65,946
    General and administrative,
     excluding depreciation
     and amortization                          19,567         12,598
    Gain on sale of assets, net               (11,703)          (121)
    Earnings from operations                   69,887         51,562
    Other income (expense)
     Interest expense                         (24,997)       (29,809)
     Interest income                              349            307
     Other expense, net                        (1,360)        (1,427)
      Other expense, net                      (26,008)       (30,929)
 
    Income from continuing operations
     before income taxes & minority interest   43,879         20,633
    Income tax provision                       23,127         10,128
    Minority interest                           4,429          5,845
    Income from continuing operations          16,323          4,660
    Loss on discontinued operations                --        (10,560)
 
    Net earnings (loss)                      $ 16,323       $ (5,900)
 
    Net earnings (loss) per share:
    Basic
     Income from continuing operations       $   0.12       $   0.03
     Discontinued operations                 $     --       $  (0.08)
     Net earnings (loss)                     $   0.12       $  (0.05)
 
    Diluted
     Income from continuing operations       $   0.11       $   0.03
     Discontinued operations                 $     --       $  (0.07)
     Net earnings (loss)                     $   0.11       $  (0.04)
 
    Shares used in per share calculations
     Basic                                    137,685        135,542
     Diluted                                  158,648        138,094

(1) The three months ended March 31, 2004 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 and the correction of errors described in the Company's 2004
     Form 10-K.
 
 
                          PRIDE INTERNATIONAL, INC.
                         RESULTS BY OPERATING SEGMENT
                                (in thousands)
                                 (unaudited)
 
                                              Three Months Ended
                                                   March 31,
                                               2005          2004(1)
                                                            RESTATED
    Revenues:
     Eastern Hemisphere                    $  143,872     $  142,971
     Western Hemisphere                       109,169        109,161
     U.S. Gulf of Mexico                       50,221         27,020
     Latin America Land                       111,872         88,960
     E & P Services                            50,634         34,224
     Corporate and other                        1,741          1,339
      Total                                 $ 467,509     $  403,675
 
    Earnings (loss) from operations:
     Eastern Hemisphere                     $  39,972     $   38,213
     Western Hemisphere                        17,288         22,020
     U.S. Gulf of Mexico                        7,516         (4,527)
     Latin America Land                        13,564          1,443
     E & P Services                             5,783          2,840
     Corporate and other                      (14,236)        (8,427)
      Total                                 $  69,887     $   51,562
 
    (1) The three months ended March 31, 2004 results have been restated to
        reflect the discontinuation of operations for the fixed-fee
        construction line of business and the correction of errors described
        in the Company's 2004 Form 10-K.
 
 
                          PRIDE INTERNATIONAL, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEET
                      (In thousands, except par values)
                                 (unaudited)
 
                                            March 31,        December 31,
                                              2005               2004
                                           (unaudited)
                     ASSETS
    CURRENT ASSETS
     Cash and cash equivalents              $   45,633        $   37,100
     Restricted cash                             9,800             9,917
     Trade receivables, net                    360,427           329,309
     Parts and supplies, net                    70,095            66,692
     Other current assets                      108,943           116,533
      Total current assets                     594,898           559,551
    PROPERTY AND EQUIPMENT, net              3,210,502         3,281,848
    OTHER ASSETS
     Investments in and advances
      to affiliates                             51,683            46,908
     Goodwill                                   68,450            68,450
     Other assets                               88,113            81,567
      Total other assets                       208,246           196,925
                                            $4,013,646        $4,038,324
       LIABILITIES AND STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES
     Accounts payable                       $  169,328        $  162,602
     Accrued expenses                          192,923           214,843
     Debt due within one year                   58,339            48,481
      Total current liabilities                420,590           425,926
    OTHER LONG-TERM LIABILITIES                 39,248            35,796
    LONG-TERM DEBT                           1,592,851         1,686,251
    DEFERRED INCOME TAXES                       66,637            60,984
    MINORITY INTEREST                          117,715           113,305
    STOCKHOLDERS' EQUITY                     1,776,605         1,716,062
                                            $4,013,646        $4,038,324
 
 
                          PRIDE INTERNATIONAL, INC.
              RECONCILIATION OF EARNINGS (LOSS) FROM OPERATIONS
                    TO EARNINGS FROM OPERATIONS (EXCLUDING
            IMPAIRMENT CHARGES AND (GAIN) LOSS ON SALE OF ASSETS)
 
    For the three-month periods ended March 31, 2005 and December 31, 2004
                                (In millions)
                                 (unaudited)
 
                             Eastern          Western          U.S. Gulf of
                            Hemisphere       Hemisphere           Mexico
                         4th Qtr  1st Qtr  4th Qtr  1st Qtr  4th Qtr  1st Qtr
                          2004     2005      2004    2005     2004      2005
 
    Earnings (loss)
     from operations   $  62.5   $  40.0   $  20.6  $  17.3  $  12.5   $  7.5
    Impairment charges     4.6        --        --       --      3.6       --
    (Gain) loss
      on sale of assets  (41.1)    (11.0)       --       --    (10.0)      --
    Earnings from
     operations
    (excluding
     impairment
     charges and gain
     on sale of
     assets)           $  26.0   $  29.0   $  20.6  $  17.3  $   6.1   $  7.5
 
 
                       Latin America Land   E&P Services   Corporate and Other
                         4th Qtr  1st Qtr  4th Qtr  1st Qtr  4th Qtr  1st Qtr
                          2004     2005      2004    2005     2004      2005
 
    Earnings (loss)
     from operations   $  (8.9)  $  13.6   $   5.4  $   5.8  $ (16.8)  $(14.2)
    Impairment charges    16.8        --        --       --       --       --
    (Gain) loss on
      sale of assets       0.1      (0.6)       --     (0.1)    (0.3)    (0.1)
    Earnings from
     operations
    (excluding
     impairment
     charges and
     gain on sale of
     assets)           $   8.0   $  13.0   $   5.4  $   5.7  $ (17.1)  $(14.3)
 
 
                                                      Total
                                              4th Qtr       1st Qtr
                                               2004           2005
    Earnings (loss) from operations          $ 75.4         $ 69.9
    Impairment charges                         24.9             --
    (Gain) loss on sale of assets             (51.3)         (11.7)
    Earnings from operations
     (excluding impairment
     charges and gain on sale of
     assets)                                 $ 49.0         $ 58.2
 
SOURCE  Pride International, Inc.
    -0-                             04/28/2005
    /CONTACT:  Robert E. Warren or Steven D. Oldham of Pride International,
Inc., +1-713-789-1400/
    /Photo:  NewsCom:  http://www.newscom.com/cgi-bin/prnh/20030515/PDELOGO
              AP Archive:  http://photoarchive.ap.org
              PRN Photo Desk; photodesk@prnewswire.com /
    /Web Site:  http://www.prideinternational.com /
    (PDE)