DI Industries Inc. Announces Signing of Definitive Agreement for the Sale of its Workover Subsidiary.HOUSTON--(BUSINESS WIRE)--June 4, 1996--DI Industries, Inc. ("DI" or the "Company"), (AMEX-DRL) announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Western Oil Well Service Co. ("Western"), has entered into a definitive agreement to sell its operational assets to Pool Company ("Pool"), a subsidiary of Pool Energy Services Co. (NASDAQ-PESC), for $3.95 million. Under the agreement, Western will sell to Pool for cash all of its operational assets which include 23 carrier-mounted workover rigs. Western currently provides well workover services principally in Montana, Utah and North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). . Pool will also assume all of Western's capital leases associated primarily with transportation equipment. The Company anticipates closing this transaction during June 1996. During calendar year 1995, Western generated revenue of $7.2 million compared to DI's total revenue of $94.7 million. Ivar Siem, chairman of DI, stated, "This transaction is the first step in implementing our plan to focus on deep drilling projects in selected geographical markets. We are pleased to have completed this transaction so quickly after developing our new strategy." DI Industries, Inc., headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , is primarily engaged in providing both contract oil and gas and geothermal drilling services, and well workover services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico, Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. and South America. CONTACT: DI Industries Inc. Ivar Siem, 713/874-0202 |
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