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ARETHUSA (OFF-SHORE) LTD. FILES REGISTRATION STATEMENT FOR 1,000,000 COMMON SHARES OWNED BY A SHAREHOLDER

 HOUSTON, Jan. 17 /PRNewswire/ -- Arethusa (Off-Shore) Ltd. (NASDAQ-NMS: ARTHF) has filed a registration statement relating to 1,000,000 shares of its common stock owned by a shareholder. The shares are being registered for sale pursuant to a Registration Agreement entered into in August 1993 in connection with the issuance of the shares as partial payment for the purchase of two deepwater semisubmersible drilling rigs. The company is obligated to register such shares in order to eliminate restrictions on their transferability.
 Arethusa owns and/or operates a fleet of 15 mobile offshore drilling rigs, including 10 semisubmersibles and five jack-ups. The fleet of semisubmersibles is the third largest in the world and Arethusa is the second largest semisubmersible operator in the Gulf of Mexico. The company also has rigs located offshore Brazil, Holland, India and Indonesia.
 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 press 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.
 For a copy of a prospectus relating to these securities or for further information contact: Charles Richter, chief financial officer of Arethusa Off-Shore Company, 600 Travis, Suite 1600, Houston, Texas 77002, 713-226-6500, fax: 713-226-6007.
 -0- 1/17/94
 /CONTACT: Charles Richter, chief financial officer of Arethusa Off-Shore, 713-226-6500/
 (ARTHF)


CO: Arethusa Off-Share Ltd. ST: Texas IN: OIL SU:

PS -- NY057 -- 1336 01/17/94 12:49 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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