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

To: Bazmataz who wrote (21028)	5/1/1998 2:23:00 PM
From: RGinPG	Read Replies (1) \| Respond to of 95453

Marine Drilling <MDCO.O> agrees to acquire rig SUGAR LAND, Texas, April 30 (Reuters) - Marine Drilling Cos. Inc. said it signed a memorandum of agreement Wednesday to acquire the "Maersk Explorer," a jackup drilling rig capable of operating in 205 feet of water that is currently being used as an accommodation unit in the Danish sector of the North Sea. The company said it should take delivery of the rig between June 1 and Oct. 31 at a total cost of $22.9 million cash. The estimated cost to upgrade the rig to competitive drilling status is $50 million, it said, adding this process should take about nine months. ((-- New York Equity News 212 859-1700, fax 212-859-1717 or nyc.equities.newsroom@reuters.com)) REUTERS Copyright REUTER 01:26 05-01-98