Pride International, Inc., headquartered in Houston, Texas, is one of the world's largest offshore drilling contractors. We have positioned our fleet in the world's largest and most active exploration and production areas, with a market presence in West Africa, Latin America, the Gulf of Mexico, the Mediterranean, Middle East and Southeast Asia.
Our vision is to be recognized as the best worldwide offshore drilling company. We are committed to providing quality services, meeting or exceeding our customer's requirements with a safe, cost effective approach. We conduct our operations in a safe, environmentally sound and socially responsible manner while maintaining the highest ethical standards.
In 2005, we began the steps necessary to transform Pride from a fleet composed of offshore and land drilling rigs to a focused offshore driller. In 2007, Pride divested its Latin America land-based drilling and workover business and its E&P Services business.
In addition to the divestiture of the land business, in late 2007, Pride also entered into a commitment for the construction of three ultra-deepwater drillships, entered into an agreement to sell three tender-assist rigs, and acquired the remaining nine percent interest in our Angolan joint venture, giving us 100 percent ownership in three rigs, including two deepwater drillships.
Though we have shifted our attention to deepwater projects, we haven't lost sight of our commitments and customers. Pride remains one of the most efficient and effective drilling companies in the offshore industry no matter the depth or location. With our strategy of financial discipline, infrastructure improvements, asset rationalization and focused growth, we will achieve the highest standards of performance while providing innovative, value-added drilling services to our customers with an increasing focus on deepwater and other high specification drilling solutions.
