SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission only (as permitted by Rule
14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss. 240.14a-11(c) or ss. 240.14a-12
PRIDE PETROLEUM SERVICES, INC.
(Name of Registrant as Specified in its Charter)
_____________________________________________________________________
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1. Title of each class of securities to which transaction applies:
2. Aggregate number of securities to which transaction applies:
3. Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
4. Proposed maximum aggregate value of transaction:
5. Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1. Amount Previously Paid:
2. Form, Schedule or Registration Statement No.:
3. Filing Party:
4. Date Filed:
<PAGE>
PROXY STATEMENT/PROSPECTUS SUPPLEMENT DATED FEBRUARY 3, 1997
THE INFORMATION BELOW CORRECTS CERTAIN DATA APPEARING AT PAGE 46 OF THE
PROXY STATEMENT/PROSPECTUS DATED JANUARY 31, 1997 RELATING TO A SPECIAL MEETING
OF SHAREHOLDERS OF PRIDE PETROLEUM SERVICES, INC. TO BE HELD ON FEBRUARY 21,
1997. THE CORRECTED DATA SHOULD BE READ IN CONJUNCTION WITH THE UNAUDITED PRO
FORMA COMBINED FINANCIAL STATEMENTS APPEARING AT PAGES 38 THROUGH 45 OF THE
PROXY STATEMENT/PROSPECTUS:
COMPARATIVE PER SHARE DATA
The following table sets forth (a) selected comparative per share data for
each of Pride and Forasol-Foramer on an historical basis and (b) selected
unaudited pro forma comparative per share data assuming the Business Combination
had occurred at the beginning of each period presented. The unaudited pro forma
data reflects the Business Combination using the purchase method of accounting
and the historical financial statements of Pride. Actual adjustments, which may
include adjustments to additional assets and liabilities of the Forasol
Operating Companies, will be made on the basis of evaluations as of the Closing
and, therefore, will differ from those reflected in the unaudited pro forma
comparative per share data. The information presented in the table is derived
from and should be read in conjunction with the combined unaudited pro forma
financial statements and the separate consolidated financial statements of Pride
and Forasol-Foramer and the notes thereto appearing elsewhere or incorporated by
reference herein.
Pro forma amounts are not necessarily indicative of results of operations
or combined financial position that would have resulted had the Business
Combination been consummated at the beginning of each period indicated.
<TABLE>
<CAPTION>
UNAUDITED PRO FORMA
-------------------------
FORASOL-
FORAMER
FORASOL- EQUIVALENT
PRIDE FORAMER COMBINED COMBINED
--------- -------- --------- -----------
<S> <C> <C> <C> <C>
Book value per common share:
December 31:
1993............................ $ 4.23 $12.71 $ -- $ --
1994............................ 4.64 12.68 -- --
1995............................ 5.29 12.26 -- --
September 30, 1996 (unaudited)..... 6.76 11.38 10.80 7.13
Earnings (loss) per common share:
Years ended December 31:
1993............................ $ .36 $ .31 $ -- $ --
1994............................ .30 .10 -- --
1995............................ .60 (.40) .15 .10
Nine months ended September 30,
1996 (unaudited)................ .52 (.25) .16 .11
</TABLE>
No cash dividends were declared or paid by Pride or Forasol-Foramer for any
periods presented.
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