ENSCO SIGNS CONTRACTS FOR NEW VENEZUELAN DRILLING BARGES
ENSCO SIGNS CONTRACTS FOR NEW VENEZUELAN DRILLING BARGES DALLAS, May 18 /PRNewswire/ -- Energy Service Company, Inc.
("ENSCO") (AMEX: ESV) announced today that an affiliate, ENSCO Drilling (Caribbean), Inc. ("EDC"), has signed contracts with Lagoven S.A. ("Lagoven"), a subsidiary of the Venezuelan national oil company, to build and operate four drilling barges on Lake Maracaibo in Venezuela. The first two barges are scheduled for delivery in the first quarter of 1993 while the remaining barges will be delivered early in the second quarter of 1993. Upon delivery, the barges will operate under five-year contracts for Lagoven.
Financing of approximately $65 million is being provided by Nissho Iwai Corporation, Japan. Two drilling barges will be built by Bender Shipbuilding & Repair Co., Inc. of Mobile, Ala. and the other two will be built by Texas Drydock, Inc. of Orange, Texas. The contract represents a significant expansion of the company's international contract drilling operations. The four new barges will join two other EDC barge rigs, the ENSCO V and ENSCO VI, and two Lagoven-owned rigs operated by EDC under labor contracts, all of which are already working on Lake Maracaibo for Lagoven under long-term contracts. Upon delivery of the new barges, EDC will become one of the leading foreign contract drilling companies in Venezuela. EDC has operated in Venezuela continuously since 1979 and is owned jointly by ENSCO and MEDIDO, C.A., a privately owned Venezuelan company. ENSCO, headquartered in Dallas, is engaged in providing contract drilling and related services to the international petroleum industry. -0- 5/18/92 /CONTACT: G. Allen Brooks of ENSCO, 214-922-1500/ (ESV) CO: Energy Service Company Inc. ST: Texas IN: OIL SU: CON
TQ -- NY016 -- 1183 05/18/92 09:41 EDT
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|Date:||May 18, 1992|
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