Good news (I think) - TOFFD effectively has no debt now?
DeepTech International Inc. Elects Common Stock Option Under Tatham
Offshore, Inc. Restructuring Agreement
Wednesday, December 17, 1997 01:03 PM
> HOUSTON -- DeepTech International Inc. (Nasdaq:DEEP) announced today that its Board of
Directors has elected to exercise the common stock option under its restructuring agreement with
Tatham Offshore, Inc. (Nasdaq:TOFF). Under the common stock option, $60.0 million of
Subordinated Notes has been converted into common stock of Tatham Offshore. The conversion
rate was based on the average trading price of Tatham Offshore common stock for the ten prior
trading days. As a result of this transaction, all of Tatham Offshore's debt has been eliminated.
As a result of the conversion of the Subordinated Notes, DeepTech was issued approximately 26.7
million shares of Tatham Offshore common stock. DeepTech now holds approximately 94% of the
currently outstanding shares of common stock of Tatham Offshore.
Tatham Offshore is an independent energy company engaged in the exploration, development and
production of oil and gas reserves located offshore the United States in the Gulf of Mexico and
offshore eastern Canada. Tatham Offshore Canada, Ltd., a wholly-owned subsidiary, is the
Canadian representative and General Partner of North Atlantic Pipeline Partners, L.P. North
Atlantic is the sponsor of a proposal to build an offshore pipeline from the Grand Banks area of
Newfoundland to New England.
DeepTech is a diversified energy company engaged, through its operating subsidiaries, in offshore
contract drilling services and the acquisition, development, production, processing, transportation
and marketing of, and the exploration for, oil and gas located offshore the United States in the Gulf
of Mexico and offshore eastern Canada. DeepTech has ownership interests in two publicly traded
subsidiaries, an effective 23.2% interest in Leviathan Gas Pipeline Partners, L.P. (NYSE:LEV) and
an approximate 94% interest in Tatham Offshore. |
