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DUAL DRILLING COMPLETES PUBLIC OFFERING OF 6.25 MILLION SHARES

 DALLAS, Aug. 12 /PRNewswire/ -- Dual Drilling Company (NASDAQ: DUAL) today announced that it has completed its initial public offering of 6.25 million common shares at $14.00 per share. Gross proceeds from the offering totaled approximately $87.5 million. The shares are listed on the NASDAQ National Market System and began trading on August 6. Lead Underwriters for the offering were Merrill Lynch & Co., NatWest Securities Limited, and Howard, Weil, Labouisse, Friedrichs Incorporated.
 Net proceeds totaled $81.4 million, of which $13.5 million was used to reduce short-term debt. Of the remaining funds, $47.3 million will be used to purchase two 300-foot jackup drilling rigs and $20.6 million for working capital and general corporate purposes.
 Purchase of one jackup rig will be finalized in August. The rig is currently under contract to Conoco to operate offshore Indonesia. The second rig is currently scheduled to be purchased and delivered in the fourth quarter of 1993 and will operate either in the Bay of Campeche or the Gulf of Mexico. After completing the purchase of the two jackup rigs, Dual's rig fleet will total 22 offshore drilling rigs, consisting of 12 jackup rigs and 10 platform rigs, of which 11 rigs will be located in the Gulf of Mexico.
 L.H. Dick Robertson, president and CEO, stated, "This successful offering allows DUAL to capitalize on current market opportunities and maintain flexibility in managing fleet size to respond to changing industry conditions. Our strategy is to maximize our market opportunities and continue to realize premium day rates by focusing on strong and geographically diverse markets worldwide. With the purchase of two additional rigs, we will augment DUAL's drilling capabilities and can be even more responsive to customers' needs."
 Dual Drilling Company is a leading domestic and international offshore drilling contracting company formed in 1951. It provides offshore drilling services to leading international oil and gas companies and several foreign government-controlled and independent oil and gas companies.
 -0- 8/12/93
 /CONTACT: Raymond J. Wilson, manager - financial planning of Dual Drilling Company, 214-373-6200/
 (DUAL)


CO: Dual Drilling Company ST: Texas IN: OIL SU: OFR

WB -- NY047 -- 2135 08/12/93 13:02 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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