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ENSCO AWARDED LONG-TERM CONTRACT FOR FOUR NEW BARGE DRILLING RIGS

   ENSCO AWARDED LONG-TERM CONTRACT FOR FOUR NEW BARGE DRILLING RIGS
    DALLAS, Nov. 13 /PRNewswire/ -- Energy Service Company, Inc. (ENSCO) (AMEX: ESV) announced today that an affiliate, ENSCO Drilling (Caribbean), Inc. (EDC) has been granted, subject to certain conditions, a five year contract by Lagoven, a subsidiary of the Venezuelan national oil company, to build and operate four drilling barges on Lake Maracaibo in Venezuela.  The four barges are scheduled for delivery during the first quarter of 1993.  Upon delivery, the barges will operate under five year, full payout contracts.  It is anticipated that the barges will be built in American shipyards and, along with drilling equipment already owned by ENSCO, be shipped to Venezuela for final outfitting.
    The contract represents a significant expansion of the company's international contract drilling operations.  The four new barges will join two other ENSCO barge rigs, the ENSCO V and ENSCO VI, already working on Lake Maracaibo for Lagoven under long-term contracts.  Upon the arrival of the new barges, EDC will become one of the leading foreign contract drilling companies in Venezuela.  In addition to the ENSCO V and ENSCO VI, EDC currently operates one Lagoven-owned barge and expects to begin operating two additional Lagoven-owned barges under three year contracts.
    The contract with Lagoven is subject to negotiation of the final terms and documentation with Lagoven and completion of approximately $65 million of project financing.  ENSCO is negotiating with a foreign investment source for the project financing.
    ENSCO, headquartered in Dallas, is engaged in providing contract drilling and related services to the international petroleum industry.
    -0-          11/13/91
    /CONTACT:  G. Allen Brooks of ENSCO, 214-922-1500/
    (ESV) CO:  Energy Service Company ST:  Texas IN:  OIL SU:  CON FC -- NY071 -- 4032 11/13/91 14:30 EST
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Publication:PR Newswire
Date:Nov 13, 1991
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