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PRIDE PETROLEUM SERVICES REPORTS A 44 PERCENT INCREASE IN THIRD QUARTER REVENUES

 HOUSTON, Nov. 3 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ-NMS: PRDE) reported net earnings of $1,308,000, or $.08 per share, on revenues of $37,254,000 for the three months ended Sept. 30, 1993. This compares favorably to the net loss of $479,000, or $.03 per share, on revenues of $25,851,000 for the same period of 1992. This improved performance was attributable to the inclusion of results from Pride's international operations and to somewhat improved domestic market conditions.
 For the nine months ended Sept. 30, 1993, Pride had revenues of $88,842,000. Before inclusion of the effect of a change in accounting principles (recorded in the first quarter of 1993), the company had net earnings of $1,085,000, or $.07 per share. After the cumulative benefit of the accounting change, net earnings for the most recent nine months were $4,920,000, or $.30 per share. This compares to a net loss of $470,000, or $.03 per share, on revenues of $73,712,000 for the same nine months in 1992.
 Five idle rigs recently shipped from the company's California operation have arrived in Argentina and are being prepared to commence work under newly obtained contracts. Additionally, the company is preparing to ship five more idle rigs later this month to Argentina from its domestic fleet along with one electric drilling rig, which Pride has agreed to purchase.
 Pride Petroleum Services, Inc., headquartered in Houston, is a domestic and international well servicing company.
 PRIDE PETROLEUM SERVICES, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited)
 Three Months Ended
 September 30,
 1993 1992
 Revenues $37,254,000 $25,851,000
 Earnings (loss) from operations 1,934,000 (866,000)
 Net earnings (loss) $ 1,308,000 $ (479,000)
 Net earnings (loss) per common share $ .08 $ (.03)
 Average shares of common stock and
 common stock equivalents outstanding 16,483,000 16,240,000
 Nine Months Ended
 September 30,
 1993 1992
 Revenues $88,842,000 $73,712,000
 Earnings (loss) from operations 1,228,000 (1,198,000)
 Net earnings (loss) before cumulative
 effect of change in accounting
 principle 1,085,000 (470,000)
 Cumulative effect of change in
 accounting for income taxes 3,835,000 --
 Net earnings (loss) $ 4,920,000 $ (470,000)
 Earnings (loss) per share:
 Before cumulative effect of change
 in accounting for income taxes $ .07 $ (.03)
 Net earnings (loss) per common share $ .30 $ (.03)
 Average shares of common stock and
 common stock equivalents outstanding 16,390,000 16,377,000
 -0- 11/3/93
 /CONTACT: Paul Bragg, CFO of Pride Petroleum Services, Inc., 713-789-1400/
 (PRDE)


CO: Pride Petroleum Services, Inc. ST: Texas IN: OIL SU: ERN

PS -- NY026 -- 0009 11/03/93 09:29 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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