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OFFSHORE PIPELINES, INC. COMPLETES OFFERING OF COMMON STOCK

 HOUSTON, April 30 /PRNewswire/ -- Offshore Pipelines, Inc. ("OPI") (NYSE: OFP) today announced that it has completed its offering of 4.0 million shares of common stock, consisting of 2.5 million primary shares and 1.5 million shares sold by certain stockholders. The offering price was $14 per share.
 Proceeds from the 2.5 million shares 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.
 Frank C. Wade, chairman and chief executive officer commented, "This offering reduces our financial leverage, provides working capital and positions OPI to continue to grow and take advantage of the opportunities we see ahead."
 The offering is being managed in the U.S. by Lehman Brothers, Bear, Stearns & Co. Inc. and Kidder, Peabody & Co. Incorporated and overseas by their international affiliates.
 OPI operates one of the largest marine construction fleets in the world, capable of handling a full range of large-capacity and deep-water construction projects worldwide. The company is an industry leader in laying marine pipelines; installing, salvaging and refurbishing offshore platforms; fabricating offshore platforms and their components; and providing diving services.
 -0- 4/30/93
 /CONTACT: Victor M. Perez, senior vice president - capital markets of Offshore Pipelines, Inc., 713-952-1000/
 (OFP)


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

PS -- NY023 -- 3078 04/30/93 09:38 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:252
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