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News Update: Pride International Slips Nearly 3%, Warns BP Situation Could Hurt Profits

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Uploaded by on Jun 16, 2010

Pride International (PDE) says its revenue and profitability could be hurt if it is unable to get new contracts for its rigs in the event of BP failing to oblige its contract with the U.S. offshore driller, Reuters reports.

It said in a SEC filing it could pass on any increase in operating costs resulting from governmental regulations on licensing, taxation, equipment specifications and training requirements to its customers through cost-escalation provisions, according to Reuters.

Companies: Pride International
Price: 24.59 Price Change: -0.71 Percent Change: -2.81

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