Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : maverick (MAVK) -- Ignore unavailable to you. Want to Upgrade?

To: JSB who wrote (124)	3/19/1998 11:40:00 PM
From: Kevin	Respond to of 432

This maybe the reason: Thursday March 19, 9:04 am Eastern Time Company Press Release Diamond Offshore CEO Bob Rose to Join Cardinal Services Inc. HOUSTON--(BUSINESS WIRE)--March 19, 1998--Cardinal Services Inc. is pleased to announce that Robert E. (Bob) Rose has signed a six year agreement to join the company as President and Chief Executive Officer effective April 1, 1998. Rose, who will also be a member of Cardinal's board of directors, has a broad and extensive background in the oil service industry. Rose has been with Diamond Offshore Drilling Inc. [NYSE:DO - news] since 1979, serving as President and CEO since 1986. Bob led the sale of Diamond M to Loews in 1989, guided the company through its merger with ODECO in 1992, its initial public offering in 1995, and the acquisition of Arethusa (formerly Zapata) in 1996. Cardinal Services is the number one provider of lift boats in the world, the number one provider of mechanical wireline services in the Gulf of Mexico, and a leading provider of Coiled Tubing, Plugging and Abandonment, Electric Line, Data Acquisition, Gas Lift, Tubing Conveyed Perforating and Pumping and Stimulation services. Rose is well known in the energy industry and is exceptionally well qualified to lead Cardinal Services into the 21st century. Bob, a veteran driller known for pioneering deep water drilling efforts in the Gulf of Mexico, will be a leader in driving Cardinal Services to emphasize growth in its existing businesses as well as capitalizing on opportunities in related services. On Feb. 27th, 1998, First Reserve Corporation of Greenwich, CT led a group of investors which included Donaldson, Lufkin, Jenrette, GE Capital and Hibernia Bank in a recapitalization of Cardinal Services Inc. The new investment group purchased 75 percent of the stock in Cardinal Services, Inc. while John Kotts retained a 25 percent stake. First Reserve has been instrumental in several oil service company successes including Weatherford Enterra, National Oilwell, and Cal Dive. The combination of Rose, Cardinal and First Reserve gives Cardinal the leadership, management and financial power to grow to become a premier energy service and solutions company to the world. William Macaulay, President and CEO of First Reserve, the majority stockholder of Cardinal, said, ''Cardinal Services is very fortunate to have attracted a seasoned professional of the caliber of Bob Rose. By reputation, he is a high integrity individual who has an impressive track record of both building successful companies and developing loyalty among his team. Bob's global experience will be invaluable as we grow Cardinal Services.'' Rose, born in Memphis, Tennessee, has resided in the greater Houston metropolitan area for the past 21 years following many years of international positions. He holds an Executive MBA from SMU, has been married to Carolyn Ann for 38 years. They have one son. Contact: Cardinal Services Inc. Anthony Alaimo, 318/364-4545