Christiana completes merger of its Prideco subsidiary with Energy Ventures, Inc.; Christiana to acquire 13.1% of Energy Ventures, Inc.

MILWAUKEE--(BUSINESS WIRE)--June 30, 1995--Christiana Companies, Inc. (NYSE:CST) announced today the completion of the merger of Prideco, Inc., its majority owned subsidiary, with a subsidiary of Energy Ventures, Inc. (NYSE:EVI). In the tax-free merger and related transactions with EVI and the minority shareholders of Prideco, Christiana acquired 1,948,731 shares of EVI common stock (or approximately 13.1% of the post-transaction outstanding EVI shares) in exchange for Christiana's interest in Prideco and $13.3 million in cash.

The Prideco merger transaction results in Christiana recognizing a pre-tax gain of approximately $10 million ($6 million after deferred tax or $1.15 per share) in the fourth quarter of fiscal 1995 ended June 30, 1995.

Chairman Sheldon B. Lubar said ``The merger of Prideco with EVI's Grant/TFW subsidiary creates a world class company serving the full array of premium downhole tubular products on a global basis. The merger transaction plus the additional $13.3 million cash investment will position Christiana with a significant ownership stake in EVI, initially 13.1%. At recent market prices this investment is valued at approximately $35.3 million. The EVI share holdings establish a new base around which we intend to build future capital value for Christiana. As previously stated, our objective is to increase our ownership in EVI over time to at least 20% thereby enabling Christiana to include its share of EVI's earnings in our reported financial results.''

The combination of Prideco and Grant/TFW is expected to result in significant synergies and savings which will benefit EVI's future operating performance.

Christiana Companies' principal businesses are public refrigerated warehousing and logistic services for food and consumer product companies. Wiscold, Inc. is the leading provider of public refrigerated warehousing in the Upper Midwest. The TLC Group is a leading and rapidly growing national provider of refrigerated and dry warehousing and integrated logistic services. Christiana is also selling its remaining 74 company-owned condominium homes located in the Tierrasanta region of San Diego.

CONTACT: Christiana Companies, Inc., Milwaukee

William T. Donovan, 414/291-9000