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

To: pz who wrote (17407)	4/1/1998 12:49:00 AM
From: pz	Respond to of 95453

Tuesday March 31, 5:31 pm Eastern Time Company Press Release Ceanic Charters Dynamically-Positioned Vessel for Deepwater Intervention HOUSTON--(BUSINESS WIRE)--March 31, 1998--American Oilfield Divers Inc. d/b/a Ceanic (NASDAQ:DIVE - news), announced today that Ceanic has chartered the motor vessel ''Tidewater Illustrious'' for three years with purchase options. The vessel will be renamed the ''Ceanic Rover'' and is scheduled to commence operations in the Gulf of Mexico by the early third quarter, operating primarily from Ceanic's new deepwater port in Fourchon, La. The 200-foot class vessel has dynamic positioning capability as well as the ability to be upgraded to four-point anchoring operations. Ceanic will outfit the ''Rover'' with one of its deepwater ROV systems to support its expanding intervention activities in the Gulf of Mexico. ''The addition of the ''Ceanic Rover'' to our growing fleet of dynamically-positioned vessels will further enhance our intervention technologies service line, as this vessel will provide a stable work platform for our new deepwater intervention tools, '' stated Rod Stanley, chief executive officer of Ceanic. Statements in this press release that are not statements of historical fact are forward-looking statements involving risks and assumptions that could cause actual results to vary materially from those predicted, including, among other things, unexpected delays and operational issues associated with the re-outfitting and conversion of vessels to diving service vessels and the continuation of demand for deepwater intervention services. Ceanic is a leading provider of diving services, intervention technologies, subsea products, field development, general contracting and marine construction services to offshore, governmental and industrial customers in the U.S. and internationally.