PRIDE INTERNATIONAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

	Year Ended December 31,
	2004			2003
				(Restated)
	(In thousands, except per share amounts)
REVENUES	$	1,712,200		$	1,565,806
OPERATING COSTS, excluding depreciation and amortization		1,146,760			1,039,798
DEPRECIATION AND AMORTIZATION		265,307			250,883
GENERAL AND ADMINISTRATIVE, excluding depreciation and amortization		74,851			56,263
IMPAIRMENT CHARGES		24,898			—
GAIN ON SALE OF ASSETS		(48,588	)		(150	)
EARNINGS FROM OPERATIONS		248,972			219,012
OTHER INCOME (EXPENSE)
Interest expense		(119,209	)		(130,601	)
Refinancing charges		(36,336	)		(6,370	)
Interest income		3,881			3,182
Other income, net		1,008			9,520
Total other expense, net		(150,656	)		(124,269	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST		98,316			94,743
INCOME TAX PROVISION		61,732			33,982
MINORITY INTEREST		22,311			19,896
INCOME FROM CONTINUING OPERATIONS		14,273			40,865
DISCONTINUED OPERATIONS
Loss from discontinued fixed-fee construction operations		(27,281	)		(98,442	)
Income tax benefit		(9,549	)		(34,455	)
Loss on discontinued operations		(17,732	)		(63,987	)
NET LOSS	$	(3,459	)	$	(23,122	)
EARNINGS (LOSS) PER SHARE
Basic
Income (loss) from continuing operations	$	0.11		$	0.30
Discontinued operations		(0.13	)		(0.47	)
Net loss	$	(0.02	)	$	(0.17	)
Diluted
Income (loss) from continuing operations	$	0.10		$	0.30
Discontinued operations		(0.13	)		(0.41	)
Net loss	$	(0.03	)	$	(0.11	)
SHARES USED IN PER SHARE CALCULATIONS
Basic		135,821			134,704
Diluted		137,301			155,624