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

To: Think4Yourself who wrote (65596)	5/2/2000 1:39:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

TCMS struggles continue: TransCoastal Announces That Dickson GMP International, Inc. Filed Voluntary Petition for Chapter 11 Reorganization as a Result of Chevron Claims HOUSTON--(BUSINESS WIRE)--May 1, 2000--TransCoastal Marine Services, Inc. (Nasdaq:TCMS) announced today that Dickson GMP International, Inc., a wholly-owned subsidiary of TCMS, filed a voluntary petition for Chapter 11 Reorganization in the U.S. Bankruptcy Court for the Southern District of Texas. This action was triggered by claims made by Chevron Global Technology Services Company in the amount of approximately $28 million against Dickson. These claims relate to Dickson's fabrication of platforms and wellheads totaling $86 million which are installed and operating offshore Venezuela. The Bankruptcy Court has entered a temporary restraining order prohibiting Chevron Global Technology Services Company from drawing down on certain letters of credit and has set the matter for further hearing. Dickson believes that the Chevron claims are unfounded and without merit. However, Chevron's pursuit of these claims has made it impossible for TCMS to complete a recapitalization that would have allowed an equity infusion into Dickson. TCMS and all of its other operating subsidiaries, including the Pipeline and Marine Group, will continue to conduct their operations as usual and are not involved in the filing. TransCoastal Marine Services, Inc., headquartered in Houston, is a marine construction company. The Company's Pipeline & Marine Group performs pipeline installations onshore and offshore worldwide. The Pipeline & Marine Group also provides construction support services, including hydrostatic testing of pipelines. TransCoastal's Fabrication & Offshore Group fabricates, refurbishes and commissions offshore drilling rigs, barge drilling rigs, production platforms and performs related fabrication services. CONTACT: TransCoastal Marine Services Inc., Houston Pamela L. Reiland, 713/626-8899