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CAMCO INTERNATIONAL INC. ANNOUNCES INITIAL PUBLIC OFFERING

 HOUSTON, Dec. 9 /PRNewswire/ -- Camco International Inc. announced today the initial public offering of its shares. A total of 13,750,000 shares are being offered at $15 per share. Up to an additional 2,062,500 may be sold to cover overallotments by the underwriters. The managing underwriters of the issue are Lazard Freres & Co., Morgan Stanley & Co. Inc., Salomon Brothers Inc., and Simmons & Co. International. Of the total, 11,000,000 shares are being offered in the United States and Canada, and the remaining 2,750,000 are being offered internationally. The stock will be listed on the New York Stock Exchange under the symbol "CAM."
 All of the shares offered are beneficially owned by Pearson plc. After the offering, Pearson will beneficially own approximately 45 percent of Camco's outstanding common stock (approximately 37 percent if the underwriters' overallotment option is fully exercised). The offering is being made pursuant to Pearson's announced decision to concentrate the management and financial resources of Pearson on its media interests.
 Camco provides oilfield equipment and services for numerous specialty applications in key phases of oil and gas drilling, completion, and production maintenance and improvement.
 Gary D. Nicholson, president and chief executive officer of Camco, said, "We look forward to this next stage in our corporate life. Pearson has been a supportive and helpful parent; we join them in welcoming the new investors in our equity."
 A copy of the prospectus relating to the offering may be obtained from the Syndicate Desk, Attention John E. Carney Jr., Lazard Freres & Co., One Rockefeller Plaza, New York, NY 10020.
 -0- 12/9/93 R
 /CONTACT: Craig Parsons of Pondel Parsons & Wilkinson, 310-207-9300/


CO: Camco International Inc.; Pearson plc. ST: Texas IN: OIL SU: OFR

NY-LS -- LA009 -- 2462 12/10/93 07:10 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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