Pride Jack-Up Rig Is Missing in U.S. Gulf After Ike

By Jim Polson

Sept. 16 (Bloomberg) -- Pride International Inc., the U.S. oil and gas driller with operations from Mexico to India, said one of its jack-up rigs is missing in the Gulf of Mexico after Hurricane Ike and is expected to be a total loss.

All personnel were safely evacuated from the Pride Wyoming rig before the storm, Houston-based Pride said today in a statement. Its last location was about 90 miles (145 kilometers) south of Houma, Louisiana.

Aerial surveys found no visible damage to other Gulf of Mexico rigs, which crews have begun boarding for more thorough inspection and startup, Pride said.



The insured value of the Pride Wyoming is $45 million with a $20 million loss retention, Pride said.

Pride fell $1.16, or 3.6 percent, to $31.44 at 10:09 a.m. in New York Stock Exchange composite trading, extending its decline for the week to 12 percent.

The company, with operations extending from Mexico to India, has 47 offshore rigs, including 28 jack-ups with legs that extend to the seafloor. The Pride Wyoming was capable of drilling in water 250 feet deep, according to the company's Web site.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net.