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Article: Pride Takes Charge to Offset Argentine Fallout.(Pride International Inc.)(Brief Article)
- Article from:
- The Oil Daily
- Article date:
- February 28, 2002
CopyrightCOPYRIGHT 2002 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pride Takes Charge to Offset Argentine Fallout
Pride International on Wednesday took a $6.9 million charge to its fourth-quarter 2001 earnings to cope with fallout from currency changes in Argentina, and gave a dismal outlook for the Gulf of Mexico jackup rig market, especially in the first quarter.
The Houston-based company called the charge "conservative" and expects to have to take no further charges, even in the event of further currency devaluation.
The troubled Argentine government recently enacted changes that require most private-sector contracts to be paid in pesos and that restrict the convertibility of the currency. About 25% of ...