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OFFSHORE PIPELINES, INC. ANNOUNCES FILING FOR COMMON STOCK

 HOUSTON, March 24 /PRNewswire/ -- Offshore Pipelines, Inc. ("OPI") (NYSE: OFP) today announced that it has filed a registration statement with the Securities and Exchange Commission for an offering of 4.0 million shares of common stock consisting of 2.5 million primary shares to be offered by OPI and 1.5 million shares to be sold by certain stockholders. Proceeds from the 2.5 million shares to be offered by the company will be used to reduce outstanding indebtedness under its revolving credit facility, which will continue to be available for working capital purposes, to repay certain other long-term indebtedness and to increase working capital to support future contract opportunities and related capital expenditures.
 Of the shares being sold by certain stockholders, 1,000,000 shares are owned in the aggregate by Prudential-Bache Energy Growth Fund, L.P. G-2, Prudential-Bache Energy Growth Fund, L.P. G-3, and Prudential-Bache Energy Growth Fund, L.P. G-4, (the "Growth Funds") and 500,000 shares are owned by Frank C. Wade, OPI's chairman of the board and chief executive officer. Upon completion of the offering, the Growth Funds will own approximately 748,000 shares of stock, or 6.9 percent of the outstanding common stock, and Wade will own approximately 1.8 million shares, or 16.6 percent of the company's outstanding common stock.
 The offering is being managed by Lehman Brothers, Bear, Stearns & Co. Inc. and Kidder, Peabody and Co. Incorporated.
 OPI operates one of the largest marine construction fleets in the world capable of providing a full range of services to the worldwide oil and gas industry. The company is an industry leader in the fabrication and installation of offshore platforms, the laying of marine pipelines, and the salvage, refurbishment, and installation of recycled offshore structures.
 A registration statement relating to these securities 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 announcement 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 or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
 -0- 3/24/93
 /CONTACT: Victor M. Perez, senior vice president-capital markets, Offshore Pipelines, Inc., 713-952-1000/
 (OFP)


CO: Offshore Pipelines, Inc. ST: Texas IN: OIL SU: OFR

SB -- NY037 -- 9089 03/24/93 12:07 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:431
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