Marine Drilling Companies Inc. Announces Acceptance of MARINE 500.SUGAR LAND, Texas--(BUSINESS WIRE)--July 6, 1999-- Marine Drilling Companies Inc. ("Marine" or the "Company") (NYSE NYSE See: New York Stock Exchange :MRL MRL Medical Record Librarian; now called Medical Record Administrator. MRL maximum residue limit. ) today announced that the MARINE 500 semi-submersible drilling rig was accepted by West Australian West Australian commonly refers to people or things from Western Australia. Specific things to which it may refer include:
WAPET West Australian Petroleum Pty Ltd ") on Monday, July 5, 1999. Upon acceptance, the drilling rig departed from Singapore for West Australia where it will conduct drilling operations for WAPET and other consortium members under a previously disclosed long-term drilling contract that expires Dec. 31, 2001. Jan Rask, president and chief executive officer of Marine, said, "We are extremely pleased that the upgrade of the MARINE 500 is complete and that the unit is being mobilized to West Australia to begin working for WAPET under a long-term contract. I'm confident that this unit will enjoy great success in accomplishing WAPET's objectives along with other consortium members. There were tremendous efforts put forth by many people to accomplish this milestone and we are grateful." Marine Drilling Companies Inc. is an offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. contractor with a fleet of 17 offshore drilling rigs consisting of 15 jackups, one of which is currently configured as an accommodation unit and two semi-submersibles located 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 and certain international markets. The Company also operates one semi-submersible rig pursuant to a bareboat charter A bareboat charter is an arrangement for the hiring of a boat, whereby no crew or provisions are included as party of the agreement; instead, the people who rent the boat from the owner are responsible for taking care of such things. . This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities or events the company believes will or may occur in the future are forward-looking statements. Such statements are subject to a number of uncertainties that are discussed in the company's most recent Forms 10-K and 10-Q. Investors are cautioned that actual results may differ materially from those projected in the forward-looking statements. For online information about Marine Drilling Companies Inc. visit http://www.mardril.com |
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