BAROID TO ACQUIRE SUB SEA INTERNATIONAL INC.
the following is for Euro Fin Caps BAROID TO ACQUIRE SUB SEA INTERNATIONAL, INC. HOUSTON, Aug. 7 /PRNewswire/ -- Baroid Corporation (NYSE: BRC) a leading worldwide supplier of petroleum services, today announced it has signed a definitive agreement to acquire Sub Sea International, Inc. ("Sub Sea"), a privately held company, from the Energy Recovery Fund of Chevy Chase, Md., and other shareholders. With revenues of $64 million during the first six months of 1992, Sub Sea is a leading provider of services and equipment to the underwater segment of the petroleum services industry and is a world leader in the development and use of remotely operated vehicles for underwater oilfield service applications. More than 80 percent of Sub Sea's revenues are derived from international markets, primarily in the North Sea. J. Landis Martin, chairman and chief executive officer of Baroid said, "The acquisition of Sub Sea strengthens Baroid's position in the high technology segment of the petroleum services industry and increases our international revenues. In addition, it gives Baroid greater revenues in the completion side of the industry and lessens our dependence on drilling rig activity." Frank A. Benevento II, Sub Sea's chairman of the board, stated that "This is an excellent strategic fit for Sub Sea. Baroid's strength will enhance Sub Sea's unique technological capabilities." The transaction, expected to close before the end of the year, calls for Baroid to issue up to 18.5 million common shares in exchange for all the outstanding common shares of Sub Sea. As part of the transaction, Baroid will appoint two new directors to its board of directors, each as a nominee of the selling shareholders of Sub Sea. The transaction is subject to, among other things, due diligence, regulatory approvals and Baroid Corporation stockholder approval. -0- 8/7/92 /CONTACT: Robert P. Wallace of Baroid, 713-987-5186/ (BRC) CO: Baroid Corporation ST: Texas IN: OIL SU: TNM
SB-OS -- NY018X -- 8068 08/07/92 14:09 EDT
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|Date:||Aug 7, 1992|
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