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PRIDE PETROLEUM SERVICES ACQUIRES BALANCE OF ARGENTINE SUBSIDIARY FROM MINORITY INTEREST OWNER

 HOUSTON, Sept. 9 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ: PRDE), through its wholly owned subsidiary Pride International Ltd., has acquired the 49 percent outside ownership of its Argentine subsidiary, Pride Petrotech S.A.M.P.I.C. Pride accomplished the acquisition through the exchange of cash and equity securities, the terms of which were not disclosed. Earlier this year, Pride and Jorge E. Estrada M. jointly acquired Pride Petrotech S.A.M.P.I.C. from Western Atlas International. In connection with this exchange, Estrada, who serves as President of Pride Petrotech, will join Pride Petroleum Services' board of directors.
 "We have been very pleased with Pride Petrotech's performance and outlook since completing the acquisition," stated Ray H. Tolson, President and Chief Executive Officer of Pride Petroleum Services. "We believe the exchange negotiated with Estrada will benefit the Company from an earnings standpoint, and it positions Pride for further expansion in Argentina. We are presently shipping five rigs from California to Argentina, and we will continue to monitor opportunities for further equipment transfers. The addition of Estrada to the board of directors will enhance our international perspective and experience. We are confident that he can assist us in developing our business throughout Latin America."
 Estrada said, "I am looking forward to the opportunity and challenge of working with Pride's other directors and management team to build the top international well servicing organization in the industry."
 Pride also announced that the Company has been awarded two one-year drilling contracts in Venezuela, by a subsidiary of Petroleos de Venezuela, S.A. (Pdvsa).
 Pride Petroleum Services, Inc., headquartered in Houston, is one of the largest well servicing contractors in the United States.
 -0- 9/9/93
 /CONTACT: Paul A. Bragg or Eugene C. Fowler of Pride Petroleum, 713-789-1400, or Hoyt & Associates Investor Relations, 713-665-2549, for Pride Petroleum/
 (PRDE)


CO: Pride Petroleum Services, Inc.; Pride Petrotech S.A.M.P.I.C. ST: Texas IN: OIL SU: TNM

LG -- NY063 -- 0368 09/09/93 13:47 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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