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

To: PartyTime who wrote (44865)	5/17/1999 1:05:00 PM
From: Aggie	Respond to of 95453

To All: More on MRL: SUGAR LAND, Texas, May 17 /PRNewswire/ -- Marine Drilling Companies, Inc. (NYSE: MRL - news) today announced it filed with the Securities and Exchange Commission a prospectus supplement under its currently effective shelf registration statement. Marine Drilling said it expects to offer 5 million shares of its common stock. The company has also agreed to grant to the underwriters an option to purchase an additional 750,000 shares of common stock solely to cover over allotments. Salomon Smith Barney will serve as lead manager for the offering. Additional underwriters include Credit Suisse First Boston and ABN AMRO Rothschild. The net proceeds from the offering will be used to fund construction costs of the company's two semi-submersible rigs, the MARINE 500 and the MARINE 700. Marine Drilling Companies, Inc. is an offshore drilling contractor with a fleet of 17 offshore drilling rigs consisting of 15 jackups and two semi-submersibles located in the U.S. Gulf of Mexico and internationally. The company also operates one additional semi-submersible rig under a bareboat charter agreement. This announcement does not constitute an offer to sell or the solicitation of an offer to buy. An offering of these securities will be made only by means of a prospectus. The prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the preliminary prospectus are available from Salomon Smith Barney, 390 Greenwich Street, 3rd Floor, New York, New York 10013, or from the offices of the other underwriters. SOURCE: Marine Drilling Companies, Inc. ---------------------------------------------------------------------- More Quotes and News: Marine Drilling Companies Inc (NYSE:MRL - news) Related News Categories: oil/energy ---------------------------------------------------------------------- What'ch you think, Big Dog? Looks to me that they don't expect FGI to be able to kick the blocks out on the 700 in time for the deadline. Either that, or they promised one heck of a bonus! Where is construction process now? Have they just commissioned the hull and done the float test? Is the drilling package still to be installed? (Just trying to get an idea on the FGI shipyard time frame). For you stock hounds, here's a dumb question: Is this a new issue of stock or an issue of existing company-held common stock? Just curious; 5 million shares is about 10% of the total shares, and about half of what MRL holds, near as I can figger. Regards, Aggie