S&P ups Pride outlook to positive

Standard & Poor's said it revised the outlook on Pride International Inc. to positive from stable.

The rating action reflects continued improvement in organic cash flow, a growing backlog of contract revenues and strengthening credit measures that now compare more similarly to those of higher rated peers, the agency noted.

S&P added that the ratings on Pride reflect its large, asset-diversified fleet of mobile offshore drilling units, broad geographic scope of operations, growing backlog of better-priced contracts and strengthening financial risk profile.

Partially tempering these strengths are expanding near- to intermediate-term capital spending requirements associated with its newbuild drillship program, the potential for additional growth initiatives and participation in the historically cyclical and capital-intensive marine contract drilling industry, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.