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BAROID STOCKHOLDER COMPLETES DEBT SECURITY SALE

 BAROID STOCKHOLDER COMPLETES DEBT SECURITY SALE
 HOUSTON, Oct. 23 /PRNewswire/ -- Baroid Corporation (NYSE: BRC), a


leading worldwide supplier of petroleum services, today announced that its largest stockholder, Valhi, Inc. (NYSE: VHI), has completed the sale of Valhi debt securities exchangeable into shares of Baroid common stock held by Valhi.
 In connection with the sale, Valhi, which holds approximately 18 percent of the outstanding shares of Baroid common stock, has placed its Baroid shares into an escrow account and granted a security interest in such shares to secure the Valhi debt securities.
 Separately, Baroid announced that it has completed its due diligence of Sub Sea International, Inc., and expects its acquisition of Sub Sea to close early next year, subject to, among other things, stockholder and regulatory approvals. The merger agreement has been amended to provide that up to 18,000,000 shares of Baroid common stock will be issued to the selling stockholders of Sub Sea in connection with the acquisition.
 -0- 10/23/92
 /CONTACT: Robert P. Wallace of Baroid, 713-987-5186/
 (BRC VHI) CO: Baroid Corporation; Valhi, Inc.; Sub Sea International, Inc. ST: Texas IN: OIL SU:


GK-TM -- NY071 -- 4342 10/23/92 17:02 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 23, 1992
Words:197
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