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ARETHUSA OFF-SHORE COMPANY ANNOUNCES INITIAL PUBLIC OFFERING

    HOUSTON, Aug. 5 /PRNewswire/ -- Arethusa (Off-Shore) Limited (NASDAQ-NMS: ARTHF) announced today its initial public offering of 4,800,000 shares of common stock at $10 per share through an underwriting syndicate led by Salomon Brothers Inc., Smith Barney Shearson Inc., BT Securities Corporation and Jefferies & Co., Inc.  Of the shares offered, 4,000,000 will be sold by Arethusa, and 800,000 will be sold by a selling shareholder.  Closing is expected to occur Aug. 12, 1993.
    Jan Rask, president and chief executive officer of Arethusa, indicated that the proceeds of the offering will be used to complete the pending acquisition of the two deepwater semisubmersible drilling rigs TREASURE STAWINNER and TREASURE STAWORKER and for general corporate purposes.  The rig acquisition is expected to close within the next month.
    Arethusa has a fleet of 13 mobile offshore drilling rigs and provides drilling services worldwide to international and government- controlled oil and gas companies.  Arethusa began operations in October 1990 after purchasing the 12-rig offshore drilling fleet of Zapata Off- Shore Company.  Arethusa's operations are conducted through Arethusa Off-Shore Company, Arethusa's principal United States subsidiary. Arethusa's common stock is listed on the NASDAQ National Market System under the symbol ARTHF.
    -0-             08/05/93
    CONTACT:  Jan Rask or Charles R. Richter of Arethusa Off-Shore Company, 713-226-6500
    (ARTHF) CO:  ARETHUSA (OFF-SHORE) LIMITED IN:  OIL ST:  TX


-- NY087 -- X343 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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