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PRIDE PETROLEUM SERVICES REPORTS PROFITS FOR YEAR AND QUARTER

 PRIDE PETROLEUM SERVICES REPORTS PROFITS FOR YEAR AND QUARTER
 HOUSTON, Feb. 13 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ: PRDE) reported that despite the decline in well servicing rig demand following the Persian Gulf War, the company achieved earnings per share of $.22 for the year and $.01 for the quarter ended Dec. 31, 1991.
 For the year ended Dec. 31, 1991 Pride's net earnings were $3,519,000 or $.22 per share on revenues of $112,224,000 compared to the previous year's net earnings of $4,666,000 or $.29 per share on revenues of $101,654,000. The effect of the weak domestic energy industry on the Company in 1991 was partially offset by the financial contributions from a new subsidiary, Pride
International, Inc. The financial success of the subsidiary's operations in Kuwait had a material effect on earnings per share in 1991.
 For the three months ended Dec. 31, 1991, net earnings were $108,000 or $.01 per share on revenues of $26,113,000 compared to net earnings of $2,145,000 or $.13 per share on revenues of $31,210,000 for the same period in 1990. Revenues and earnings in the fourth quarter of 1990 were the highest in Pride's history and were to a great extent influenced by the war-related spike in oil prices which fueled demand for well servicing rigs.
 After achieving eight consecutive quarters of substantial increases in domestic well servicing rig hours worked, Pride's hours declined throughout 1991. Total domestic rig hours worked in 1991 were 716,830 compared to 733,071 in 1990.
 Ray H. Tolson, president and chief executive officer, commented, "Considering the slowdown in the U.S. energy sector, we are pleased with Pride's profitability. We cannot predict how long these industry conditions will last, but we continue to look for acquisition opportunities as well as move ahead with development of the international business."
 Pride Petroleum Services, Inc., headquartered in Houston, with 437 rigs, is one of the largest well servicing contractors in the United States.
 PRIDE PETROLEUM SERVICES, INC.
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended Dec. 31: 1991 1990
 Revenues $26,113,000 $31,210,000
 Earnings from operations 13,000 3,214,000
 Net earnings 108,000 2,145,000
 Net earnings per common share $ .01 $ .13
 Average shares of common stock
 and common stock equivalents
 outstanding 16,276,000 16,421,000
 Twelve months ended Dec. 31: 1991 1990
 Revenues $112,224,000 $101,654,000
 Earnings from operations 4,838,000 6,825,000
 Net earnings 3,519,000 4,666,000
 Net earnings per common share $ .22 $ .29
 Average shares of common stock
 and common stock equivalents
 outstanding 16,352,000 16,305,000
 -0- 2/13/92
 /CONTACT: Eugene C. Fowler, vice president and chief financial officer of Pride Petroleum Services, 713-871-8567 or Pat Hoyt of Hoyt & Associates Investor Relations, 713-665-2549, for Pride Petroleum/
 (PRDE) CO: Pride Petroleum Services Inc. ST: Texas IN: OIL SU: ERN


TS -- NY028 -- 9641 02/13/92 10:29 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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