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PRIDE PETROLEUM SERVICES REPORTS SECOND QUARTER RESULTS

 PRIDE PETROLEUM SERVICES REPORTS SECOND QUARTER RESULTS
 HOUSTON, Aug. 6 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ: PRDE) reported a loss for the second quarter ended June 30, 1992 of $144,000, or $.01 per share, on revenues of $23,892,000. This compares to net income of $1,305,000, or $.08 per share, on revenues of $29,259,000 for the comparable quarter in 1991.
 Slow well servicing activity, together with higher insurance costs, were the primary factors contributing to the loss. In contrast, a year ago market conditions following the conclusion of the Gulf War were generally positive for the well servicing industry. Pride also benefited in the second quarter last year from participation in the restoration of Kuwait's oil fields.
 Net income for the six months ended June 30, 1992 was $9,000, or $.00 per share, on revenues of $47,861,000 compared to net income of $2,409,000, or $.15 per share, on revenues of $58,268,000 for the comparable period in 1991.
 Pride's domestic rig hours worked held relatively firm in the second quarter, declining by only 428 hours from the first quarter of 1992. In the three months ended June 30 this year, domestic rig hours worked totaled 156,607 versus 185,146 in the comparable three months last year. For the six months ended June 30, 1992 domestic rig hours totaled 313,642 versus 378,893 in the first six months of 1991. Rig rates have remained stable during the past 18 months.
 Ray H. Tolson, Pride's president and chief executive officer, said, "We believe that conditions should improve in the domestic well servicing business as additional progress is made in the major energy companies' restructurings and property sales. Service required on oil and gas wells, under whatever ownership, must be performed if they are to continue to produce revenues.
 Tolson also commented, "We continue to experience delays in Pride's initial project in Russia with Quintana Trading Company due to the inability of Quintana's Russian customer to produce adequate financial guarantees. These delays raise doubts that the project will proceed. However, participation in attractive international markets remains a viable part of Pride's future growth. We are aggressively pursuing other projects in Russia and several other countries."
 PRIDE PETROLEUM SERVICES, INC.
 Consolidated Statement Of Operations
 (Unaudited)
 Three Months Ended
 June 30,
 1992 1991
 Revenues $23,892,000 $29,259,000
 Earnings (loss) from operations (390,000) 1,770,000
 Net earnings (loss) (144,000) 1,305,000
 Net earnings (loss) per
 common share $ (.01) $ .08
 Average shares of common stock
 and common stock equivalents
 outstanding 16,222,000 16,387,000
 Six Months Ended
 June 30,
 1992 1991
 Revenues $47,861,000 $58,268,000
 Earnings (loss) from operations (332,000) 3,425,000
 Net earnings 9,000 2,409,000
 Net earnings per common share $ .00 $ .15
 Average shares of common stock
 and common stock equivalents
 outstanding 16,237,000 16,400,000
 -0- 8/6/92
 /CONTACT: Eugene C. Fowler, vice president and CFO at Pride Petroleum Services, 713-871-8567; or Pat Hoyt of Hoyt & Associates, 713-665-2549, for Pride Petroleum Services/
 (PRDE) CO: Pride Petroleum Services, Inc. ST: Texas IN: OIL SU: ERN


LR -- NY038 -- 7502 08/06/92 10:19 EDT
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Date:Aug 6, 1992
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