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DUAL DRILLING COMPLETES PURCHASE OF 300-FOOT JACKUP RIG

 DALLAS, Aug. 26 /PRNewswire/ -- Dual Drilling Company (NASDAQ: DUAL) today announced that it has completed the purchase of the 300-foot jackup rig, the Vanguard II, for $25.3 million in cash. The rig was purchased from Huthnance International, Inc. with a portion of the net proceeds from DUAL's recently completed initial public offering of 6.25 million shares. The rig has been renamed "DUAL RIG 92" and will continue working offshore Indonesia under a term contract to Conoco. The company now operates a fleet of 21 offshore drilling rigs consisting of 11 jackup and 10 platform rigs.
 Dual Drilling Company is a leading domestic and international offshore drilling contractor providing services to international oil and gas companies. The company is headquartered in Dallas and its stock is traded on the NASDAQ National Market System.
 -0- 8/26/93
 /CONTACT: Raymond J. Wilson, manager of financial planning, or Larry E. Hanks, corporate counsel, both of Dual Drilling Company, 214-373-6200/
 (DUAL)


CO: Dual Drilling Company; Huthnance International, Inc. ST: Texas IN: OIL SU: TNM

WB -- NY049 -- 6156 08/26/93 12:48 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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