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

To: Ditchdigger who wrote (55945)	12/3/1999 9:14:00 AM
From: ldo79	Respond to of 95453

IRI News Company Press Release SOURCE: IRI International Corporation IRI Receives Multiple Rig Orders HOUSTON, Dec. 3 /PRNewswire/ -- IRI International Corporation (NYSE: IIR - news) today reported that it has secured multiple orders for workover rigs, drilling rigs and associated equipment valued in excess of $40 million. The equipment is slated for delivery in the year 2000. Final destinations include 10 side tracking drilling rigs and associated equipment for Russia, three workover and two shallow drilling rigs for Kuwait and a shallow drilling rig for Austria. The company said that it has already received downpayments and irrevocable letters of credit for these orders with offers of confirmation from prime U.S. and European banks. The company believes that elevated sales activities at home and orders from some of its traditional international markets are the first signs that oil prices, at their current levels, are improving its business opportunities. IRI is a world leader in that design, engineering, manufacturing distribution and rental of oilfield equipment. Statements made in this press release that are forward-looking in nature are intended to be ``forward looking statements' within the meaning of section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by the company with the Securities and Exchange Commission, which identify significant risk factors, which could cause actual results to differ from those contained in the forward-looking statements. SOURCE: IRI International Corporation