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/
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 /Web Site: http://www.prideinternational.com /
 (PDE)