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This excerpt taken from the PDE 10-K filed Mar 1, 2007. Other
In 2004, we applied to the French Labor Ministry for a
Progressive Retirement Plan (the “PRP”). The PRP was
approved by the French Labor Ministry in 2005. Pursuant to the
PRP, 56 employees of our subsidiary in France have elected to
accelerate their retirement with us funding a portion of the
benefits. The cost of the PRP will be recognized over the
estimated remaining service period of the employees. As of
December 31, 2006 and 2005, we have accrued balances of
$4.5 million and $4.7 million, respectively.
Table of Contents
Pride
International, Inc.
Notes to
Consolidated Financial
Statements — (Continued)
In 2001 and 2002, our Technical Services group entered into
fixed-fee contracts to design, engineer, manage construction of
and commission four deepwater platform drilling rigs for
installation on spars and tension leg platforms. The first rig
was completed and delivered in 2003, and the remaining three
rigs were completed and delivered in 2004. In 2004, we
discontinued this business and do not currently intend to enter
into additional business of this nature. Accordingly, we have
reported our fixed-fee rig construction business as discontinued
operations on our consolidated statements of operations.
We recorded loss provisions of $27.3 million in 2004
relating to the construction of the rigs. The loss provision
principally consisted of additional provisions for higher
commissioning costs for the rigs, the costs of settling certain
commercial disputes and renegotiations of commercial terms with
shipyards, equipment vendors and other subcontractors,
completion issues at the shipyard constructing the final two
rigs and revised estimates for other cost items. In 2006 and
2005, we reduced our estimates for other cost items and
recognized a gain of $1.9 million and $0.5 million,
respectively.
The operating results of the discontinued fixed-fee construction
business were as follows for the years ended December 31:
This excerpt taken from the PDE 10-K filed Jun 30, 2006. Other
In 2004, we applied to the French Labor Ministry for a
Progressive Retirement Plan (the “PRP”). The PRP was
approved by the French Labor Ministry in 2005. Pursuant to the
PRP, 56 employees of our subsidiary in France have elected to
accelerate their retirement with us funding a portion of the
benefits. The cost of the PRP will be recognized over the
estimated remaining service period of the employees. As of
December 31, 2005, we have accrued $0.7 million
related to the funding of this plan.
Table of Contents
Pride
International, Inc.
Notes to
Consolidated Financial
Statements — (Continued)
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