PRIDE INTERNATIONAL INC: announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

16 June 2010drilling progress report▼ BadMajor

Pride disclosed that the US government's six-month moratorium on new deepwater drilling in the Gulf of Mexico (after the Deepwater Horizon spill) could delay its new drillships' BP contracts. The Deep Ocean Ascension (delivered Feb 28, 2010) and Deep Ocean Clarion (expected Aug 2010) each have five-year BP E&P contracts, and Pride has no other rigs in the US Gulf. BP could operate elsewhere, pay a standby rate close to the operating rate, or terminate with a make-whole payment, but Pride says it cannot predict BP's actions and the contracts lack a parent guarantee. A new risk thread for the company.

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28 Jan 2010farm in farm out agreement● Neutral

Pride filed revised forms of employee stock option and restricted stock unit agreements under its 2007 incentive plan, effective for grants after Dec 31, 2009, plus new forms for performance-based units. Changes add a performance vesting condition and a five-year employment condition for retirement treatment. This is routine compensation paperwork with no financial figures.

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31 Dec 2008farm in farm out agreement● Neutral

In December 2008, board committees approved revised forms of award agreements for director restricted stock units (2004 plan) and for options and restricted stock units (2007 long-term incentive plan). The directors' form addresses tax-code Section 409A and dividend equivalents. This is a routine paperwork filing, with no new grants or amounts stated.

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29 Dec 2006farm in farm out agreement● Neutral

In December 2006 the compensation committee revised the standard award agreements under the 1998 incentive plan, for grants after Dec 31, 2006. Options now vest early on death, disability or retirement, and the share-withholding rules for taxes on restricted stock are more flexible. This is a routine paperwork change to equity pay forms; no new grants or amounts are stated.

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14 Sept 2006drilling progress report● Neutral

On Sept 14, 2006, Pride posted a corrected version of CEO Louis Raspino's Sept 6 Lehman Brothers conference slides. The fix is to the leading-edge dayrate for the Pride South America, a workover/intervention semisubmersible, and the source is now cited as ODS-Petrodata. The filing does not give the corrected figure.

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