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NOBLE DRILLING CORPORATION FILES FOR PUBLIC OFFERING RELATED TO THE ACQUISITION OF ADDITIONAL OFFSHORE ASSETS

 HOUSTON, Aug. 9 /PRNewswire/ -- Noble Drilling Corporation (NASDAQ-NMS: NDCO) (the "company") has filed a registration statement with the Securities and Exchange Commission for the proposed public offering of 10,500,000 shares of common stock of the company. In addition, the company expects to file a separate registration statement later this week for the concurrent offering of $125 million aggregate principal amount of Senior Notes Due 2003. The company will use $150 million of the aggregate net proceeds from both offerings to purchase nine offshore jackup drilling rigs and related drilling assets from The Western Company of North America, which acquisition has been previously announced, and intends to use approximately $41 million to prepay in full the remaining outstanding indebtedness (including accrued interest) of a subsidiary to Transworld Drilling Company relating to the acquisition of 12 offshore drilling units in January 1991. The balance of the net proceeds will be added to working capital and will be available for the planned upgrade and refurbishment of five offshore rigs, including two rigs being reactivated to service.
 Of the 10,500,000 shares offered, 10,466,000 are being sold by the company and 34,000 shares are being sold by a selling stockholder. An additional 1,575,000 shares are available to cover underwriters' over- allotments, if any.
 The common stock offering will be managed by Salomon Brothers Inc, Jefferies & Company, Inc. and Simmons & Company International, and will be made only by means of a prospectus.
 The closing of each offering will be conditioned upon the simultaneous closing of the other offering and the simultaneous closing of the acquisition.
 Noble Drilling Corporation is a major drilling contractor providing offshore and onshore services worldwide with operations in the United States, Canada, the United Kingdom, Africa, the Middle East and the Far East. The company's outstanding common stock and preferred stock are traded in the NASDAQ/NMS under the symbols "NDCO" and "NDCOP", respectively.
 A registration statement relating to the common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 8/9/93
 /CONTACT: Byron L. Welliver, senior vice president - finance and treasurer, of Noble Drilling Corporation, 713-974-3131/
 (NDCO)


CO: Noble Drilling Corporation ST: Texas IN: OIL SU: OFR

MP -- NY068 -- 0809 08/09/93 14:15 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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