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ENSCO DETERMINES RETURN OF CAPITAL STATUS FOR 1992 DIVIDENDS

 DALLAS, Dec. 31 /PRNewswire/ -- The board of directors of Energy Service Company, Inc. (AMEX: ESV) ("ENSCO") has determined that all dividends paid in 1992 on the company's $1.50 Cumulative Convertible Exchangeable Preferred Stock should be treated as a return of capital and are thus non-taxable to the recipients. This determination results from the company's lack of current or accumulated earnings and profits as defined in the Tax Code. Dividends, in the amount of 37.5 cents per share, were paid to stockholders on Jan. 15, April 15, July 15 and Oct. 15, 1992. The company has commissioned a study to support this determination.
 ENSCO, headquartered in Dallas, Texas, is engaged in providing contract drilling and related energy services to the international petroleum industry. ENSCO's common and preferred stock trade on the American Stock Exchange (ESV).
 -0- 12/31/92
 /CONTACT: G. Allen Brooks of ENSCO, 214-922-1535/
 (ESV)


CO: Energy Service Company, Inc. ST: Texas IN: OIL SU: DIV

SH -- NY012 -- 0884 12/31/92 11:37 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:168
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