American Oilfield Divers announces sales of pipelay/bury barge American Enterprise.LAFAYETTE, La.--(BUSINESS WIRE)--March 1, 1996--American Oilfield Divers (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIVE) announced today that it has sold the pipelay/bury barge American Enterprise for an undisclosed sum to HLS (Hue Lightness Saturation) A color space that is closely related to HSB, except that Brightness is called Lightness and is measured from 0 to 1 rather than from 0 to 100%. See HSB. Offshore, L.L.C. AOD See HD DVD. , which acquired the barge in March, 1994, will record a one-time, non-recurring gain in its second quarter, which ends April 30, 1996. Proceeds from the sale of the American Enterprise will be used to pay down the Company's debt and reduce its interest expense by approximately $500,000. AOD is currently negotiating a contract with the new owners to continue supplying divers for operations utilizing the American Enterprise. "The sale allows AOD to reduce its working capital line and concentrate management efforts on what we do best -- manage diving operations," said George C. Yax, AOD's Chairman of the Board, Chief Executive Officer and President. "Although we expect a busy 1996 Gulf marine construction season, the shallow water pipelay market is dominated by small operators which has led to intense pricing competition." American Oilfield Divers, Inc. is a leading provider of diving services, subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". products, marine construction and environmental services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , U.S. West Coast, internationally and to certain U.S. inland customers. CONTACT: American Oilfield Divers, Inc., Lafayette Greg Rosenstein or Cathy Green, 318/234-4590 |
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