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ARETHUSA LTD. ELECTS NAESS CHAIRMAN OF THE BOARD

 HOUSTON, Sept. 16 /PRNewswire/ -- Arethusa (Off-Shore) Ltd. (NASDAQ: ARTHF) announced today that Michael R. Naess has been elected to the position of chairman of the board of directors of the company, replacing Gunnar Rosengren who remains a director but has recently resigned. Naess has also been elected chairman of the executive committee of the board.
 Also elected as a member of Arethusa's board of directors is Arie L. Shapiro. Shapiro replaces Michael J. McCabe.
 Naess, 54, is a U.S. citizen who resides in Bermuda, which is Arethusa's legal domicile. He is president and CEO of Shipping Development Company Limited, a privately-held international investment company. Prior to taking up residence in Bermuda in 1989, Naess lived for 20 years in Houston, Texas. Upon receiving his MBA from Harvard University in 1969, Naess moved to Houston to take up the position of vice president-corporate development of Southdown, Inc. In 1970 he was transferred to Southdown's parent company, Zapata Corporation, where he served initially as executive vice president and then subsequently as senior executive vice president and chief operating officer with responsibility for Zapata's shipping interests, its construction business, its service boat division, and its offshore drilling activities. He left Zapata in 1978 and founded Westminster Ventures, Inc. his own venture-capital advisory firm.
 Shapiro, 64, is president of Marine Lendlease Limited, Bermuda, a privately held investment and financial consultancy firm specializing in the marine industry. From 1978 to 1985, Shapiro was managing director of Marine Lendlease (UK) Limited, a wholly owned subsidiary of Marine Lendlease Limited. From 1968 to 1980, Shapiro held a number of executive positions and directorships with subsidies of GATX Corporation, including the positions of president and chief executive officer of GATX Ship Leasing and Mortgage Corporation, and managing director and chief operating officer of GATX Bulkcarriers Belgium N.V. Shapiro has an MBA from the University of Michigan.
 Arethusa was formed in 1990 largely by European investors for the purpose of acquiring all of the offshore drilling rigs and associated equipment then owned by Zapata Off-Shore Company. The company presently owns and/or operates a fleet of 15 mobile offshore drilling rigs, including 10 semisubmersibles and five jack-ups of which six semisubmersible units are working in the U.S. Gulf of Mexico. The balance of the fleet is deployed offshore Brazil, Holland, India and Indonesia.
 Arethusa's U.S. operating subsidiary, based in Houston and known as Arethusa Off-Shore Company, employs approximately 1,100 people, most of whom are former employees of Zapata. Of these, 70 are executive-staff personnel based at the Houston headquarters, 420 are rig-based employees in the Gulf of Mexico, and 610 employees are assigned to shore-based and rig positions internationally.
 In early August, Arethusa successfully completed an initial public offering (IPO) of new shares of its common stock valued at $40 million. Most of these newly-issued shares were bought by U.S. investors. The net proceeds of the IPO were largely used by Arethusa to acquire two additional semisubmersibles from Norwegian interests. This acquisition, valued at $69 million, was closed on August 20.
 Arethusa's shares are now publicly traded through the NASDAQ system under the symbol ARTHF.
 -0- 9/16/93
 /CONTACT: Jan Rask, CEO, or Charles Richter, CFO, both of Arethusa Off-Shore Company, 713-226-6500/
 (ARTHF)


CO: Arethusa (Off-Shore) Ltd.; Arethusa ST: Texas IN: OIL SU: PER

552 09-16-93 11:15 EDT DJ -- NE007 -- 2643 09/16/93 11:19 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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