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SONAT OFFSHORE DRILLING REPORTS SECOND QUARTER RESULTS

 HOUSTON, July 22 /PRNewswire/ -- William C. O'Malley, chairman and chief executive officer of Sonat Offshore Drilling Inc. (NYSE: RIG), announced today that the company's consolidated net income for the three months ended June 30, 1993, was $2.6 million, or $0.12 per share, on revenues of $80.4 million. This compares with a net loss of $2.8 million on revenues of $56.5 million for the three months ended June 30, 1992.
 Results for the quarter reflect the strengthening market in the U.S. Gulf of Mexico and the continued success of the company's turnkey operation offshore Mexico where two turnkey wells were completed in the quarter.
 Sonat Offshore Drilling Inc. is a worldwide offshore drilling company engaged in contract drilling for oil and gas wells. Headquartered in Houston, the company has set deep-water drilling records and is recognized as an industry leader in deep-water, harsh- environment, and turnkey drilling.
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND
 RETAINED EARNINGS
 Sonat Offshore Drilling Inc. and Subsidiaries
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (In thousands, except per share data)
 Operating
 Revenues $80,363 $56,465 $131,703 $ 94,427
 Costs and
 Expenses:
 Operating
 and
 maintenance 64,356 44,910 107,478 71,828
 Depreciation 5,219 6,989 10,400 13,779
 General and
 administrative 3,770 4,932 7,877 8,391
 73,345 56,831 125,755 93,998
 Operating Income
 (Loss) 7,018 (366) 5,948 429
 Other Income
 (Expense), Net:
 Equity in earnings
 of joint
 ventures 564 413 (50) 817
 Interest
 income 722 261 1,558 458
 Interest expense:
 On indebtedness
 to
 affiliate (3,488) (4,121) (7,753) (7,613)
 Other (9) (288) (644) (579)
 Interest adjustment
 related to
 settlement of
 tax case --- --- 24,030 ---
 Other, net (253) 376 (892) 383
 (2,464) (3,359) 16,249 (6,534)
 Income (Loss) Before
 Income Taxes and
 Cumulative Effect
 of Accounting
 Change 4,554 (3,725) 22,197 (6,105)
 Income Taxes
 (Benefits) 1,946 (884) 8,190 (1,729)
 Income (Loss)
 Before Cumulative
 Effect of
 Accounting
 Change 2,608 (2,841) 14,007 (4,376)
 Cumulative Effect
 of Change in
 Method of
 Accounting for
 Postretirement
 Benefits --- --- (5,889) ---
 Net Income
 (Loss) 2,608 (2,841) 8,118 (4,376)
 Retained Earnings:
 Balance at
 beginning of
 period --- 57,773 59,392 59,308
 Dividends (13) --- (64,915) ---
 Balance at
 End of
 Period $2,595 $54,932 $2,595 $ 54,932
 Earnings Per
 Share of
 Common Stock:
 Earnings before
 cumulative effect
 of accounting
 change $0.12 $0.71
 Cumulative
 effect of
 accounting
 change --- (0.30)
 Earnings Per
 Share $0.12 $0.41
 Weighted Average
 Number of
 Shares
 Outstanding 21,174 19,770
 CONDENSED CONSOLIDATED BALANCE SHEET
 Sonat Offshore Drilling Inc. and Subsidiaries
 June 30, December 31,
 (In thousands) 1993 1992
 (Unaudited)
 ASSETS
 Current Assets:
 Cash and cash
 equivalents $23,357 $ 17,421
 Accounts and notes
 receivable 86,099 32,362
 Federal income taxes
 receivable from
 affiliate 8,388 24,108
 Accrued interest
 receivable 3,672 ---
 Costs incurred on
 turnkey drilling
 projects
 in progress 2,173 7,159
 Materials and supplies 5,109 4,637
 Prepayments 3,351 4,556
 Total Current
 Assets 132,149 90,243
 Investments in and
 Advances to Joint
 Ventures:
 Partrederiet Polar
 Frontier Drilling 32,242 31,383
 Arcade Drilling 30,151 29,744
 62,393 61,127
 Plant, Property and
 Equipment 652,357 647,730
 Less accumulated
 depreciation 385,773 375,971
 266,584 271,759
 Other Assets 4,741 3,027
 Total Assets $465,867 $426,156
 LIABILITIES AND
 STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $28,445 $17,928
 Accrued income taxes 9,542 7,516
 Accrued interest:
 On indebtedness
 to affiliate --- 1,344
 Other 5 10,533
 Other current
 liabilities 30,195 22,627
 Total Current
 Liabilities 68,187 59,948
 Note Payable to
 Affiliate --- 178,498
 Deferred income
 taxes 58,992 62,234
 Other long-term
 liabilities 21,250 11,869
 80,242 74,103
 Minority Interest
 in Consolidated
 Subsidiaries 10,909 5,112
 Stockholders' Equity:
 Common stock 283 127
 Additional paid-in
 capital 303,651 48,976
 Retained earnings 2,595 59,392
 Total
 Stockholders'
 Equity 306,529 108,495
 Total Liabilities
 and Stockholders'
 Equity $465,867 $426,156
 -0- 7/22/93 R
 /CONTACT: Robert L. Long of Sonat Offshore Drilling Inc., 713-871-7500/
 (RIG)


CO: Sonat Offshore Drilling Inc. ST: Texas IN: OIL SU: ERN

BR-BN -- AT017 -- 4995 07/23/93 08:42 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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