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PRIDE PETROLEUM SERVICES REPORTS LOSS FOR FIRST QUARTER

 HOUSTON, May 4 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ: PRDE) today reported that financial results for the first quarter ended March 31, 1993, before the effect of a change in accounting principles, resulted in a net loss of $704,000, or $.04 per share, on revenues of $25,085,000. This compares to net earnings of $153,000, or $.01 per share, on revenues of $23,969,000 for the period in 1992.
 After the accounting change, net earnings were $3,131,000 or $.19 per share for the first three months of 1993. The adoption of Financial Accounting Standards Board Statement Number 109 relating to income tax resulted in a one-time positive cumulative adjustment of $3,835,000.
 Approximately 6,000 more well servicing rig hours were worked in the first quarter this year than in the same period last year, however, higher domestic operating costs and expenditures for development of international business offset the gain in hours.
 In March, each of Pride's domestic operating areas was profitable as the result of increased rig hours and cost reductions. The company recently instituted price increases in selected areas, but their positive effect was not reflected in the first quarter's financial results.
 Pride Petroleum Services, Inc., headquartered in Houston, is one of the largest well servicing contractors in the United States.
 PRIDE PETROLEUM SERVICES, INC.
 Consolidated Statement of Operations
 (Unaudited)
 Three months ended March 31 1993 1992
 Revenues $25,085,000 $23,969,000
 Earnings (loss) from operations (1,245,000) 58,000
 Earnings (loss) before income taxes
 and cumulative effect of change in
 accounting principle (1,080,000) 260,000
 Net earnings (loss) before cumulative
 effect of change in accounting principle (704,000) 153,000
 Cumulative effect of change in
 accounting for income taxes 3,835,000 --
 Net earnings $ 3,131,000 $ 153,000
 Earnings (loss) per share:
 Before cumulative effect of change
 in accounting for income taxes ($.04) $.01
 Cumulative effect of change in
 accounting for income taxes .23 --
 Net earnings per share $ .19 $ .01
 Average shares of common stock
 and common stock equivalents
 outstanding 16,314,000 16,252,000
 -0- 5/4/93
 /CONTACT: Eugene C. Fowler, vice president and CFO of Pride Petroleum Services, 713-789-1400, or Pat L. Hoyt, Hoyt & Associates Investor Relations, 713-665-2549, for Pride Petroleum Services/
 (PRDE)


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

TS -- NY071 -- 4437 05/04/93 15:13 EDT
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Publication:PR Newswire
Date:May 4, 1993
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