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ARETHUSA OFF-SHORE COMPANY FILES INITIAL PUBLIC OFFERING

 HOUSTON, July 2, /PRNewswire/ -- Arethusa (Off-Shore) Limited announced today that it has filed a registration statement relating to an initial public offering of 6,646,000 shares of its common stock (excluding the over-allotment option), of which 5,833,333 shares will be sold by Arethusa and 812,667 shares will be sold by selling shareholders.
 The common stock is to be offered through a syndicate of underwriters managed by Salomon Brothers Inc., Smith Barney, Harris Upham & Co. Incorporated, BT Securities Corporation and Jefferies & Company, Inc.
 Jan Rask, chief executive officer of Arethusa, indicated that the net proceeds to the company from the initial public offering are to be used to complete the pending acquisition of two additional deepwater semisubmersible drilling rigs, to reduce outstanding indebtedness and for general corporate purposes.
 Arethusa currently operates 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 (formerly Arethusa/Zapata Off-Shore Company), Arethusa's principal United States subsidiary.
 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.
 A copy of the preliminary prospectus relating to the initial public offering may be obtained from the Salomon Brothers Inc. Prospectus Department at 718-783-1400.
 -0- 7/2/93
 /CONTACT: Jan Rask, CEO, or Charles R. Richter, CFO, Arethusa Off- Shore, 713-226-6500/


CO: Arethusa Off-Shore Company ST: Texas IN: OIL SU: OFR

LG -- NY039 -- 8251 07/02/93 15:42 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
Words:347
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