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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Ditchdigger who wrote (47019)	6/29/1999 9:39:00 AM
From: Captain James T. Kirk	Respond to of 95453

Marine Drilling Companies, Inc. Updates Status of Marine 500 and 700 Projects Marine Drilling Companies, Inc. Updates Status of Marine 500 and 700 Projects SUGAR LAND, Texas--(BUSINESS WIRE)--June 29, 1999--Marine Drilling Companies, Inc. ("Marine Drilling" or the "Company") (NYSE: MRL) today issued the following information with respect to the status of its MARINE 500 and MARINE 700 drilling rigs. MARINE 500. The construction element of the MARINE 500 upgrade project is complete and the rig has been moved to the anchorage location where drilling equipment continues to be tested. It is anticipated that commissioning of this equipment will be finalized during the first full week of July after which the unit will set sail for Western Australia. The rig will work for West Australian Petroleum Pty, Ltd. under a contract that expires on December 31, 2001. The delay in the deployment of the MARINE 500 will result in the Company recognizing the one-time $6,000,000 mobilization fee under the contract during the third quarter rather than the second quarter as originally anticipated. MARINE 700. The physical construction of the MARINE 700 is complete and the rig has been moved to Friede Goldman's west-bank facility where the Company continues to commission the rig systems. Commissioning is currently about 92% complete and the Company continues to believe that it will meet the July 15 deadline under the five-year contract with Esso Exploration, Inc. Although, as has been previously disclosed, there is some risk that the Company will not meet this deadline. Marine Drilling Companies, Inc. is an offshore drilling contractor with a fleet of 17 offshore drilling rigs consisting of 15 jackups, one of which is currently configured as an accommodation unit and two semi-submersibles located in the U.S. Gulf of Mexico and certain international markets. The Company also operates one semi-submersible rig pursuant to a bareboat charter. This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities or events the company believes will or may occur in the future are forward-looking statements. Such statements are subject to a number of uncertainties that are discussed in the company's most recent Forms 10-K and 10-Q. Investors are cautioned that actual results may differ materially from those projected in the forward-looking statements. For online information about Marine Drilling Companies, Inc. visit www.mardril.com