ENSCO STOCKHOLDERS APPROVE PURCHASE
ENSCO STOCKHOLDERS APPROVE PURCHASE DALLAS, March 10 /PRNewswire/ -- Energy Service Company, Inc.
(ENSCO) (AMEX: ESV) announced that its stockholders, at today's special meeting, overwhelmingly approved the acquisition by a wholly owned subsidiary of the company of an aggregate 8.4 percent limited partnership interest in NGP No. I, L.P., a Delaware limited partnership.
The interest in NGP No. I, L.P. was acquired from Rainwater, Inc. and PMJ Investment Corp. for an aggregate 6,378,026 shares of ENSCO common stock. NGP No. I, L.P. is the owner of 58.6 percent of the outstanding common stock of Penrod Holding Corporation. As a result of this transaction, ENSCO's beneficial interest in Penrod Holding Corporation increased to 36.3 percent. Following this transaction, Richard E. Rainwater, the sole shareholder of Rainwater, Inc. and ENSCO's largest stockholder, increased his ownership interest in ENSCO to 18.7 percent. In addition, the company also announced that it has signed a $17 million credit agreement with NationsBank of Texas, N.A. The facility was revised from an existing line of credit with the bank in order to cover general corporate needs and to provide for construction financing on four barge rigs to be used in Venezuela. Construction of these rigs is subject to the completion of negotiations with a subsidiary of the Venezuelan national oil company of long-term contracts that will commence in late 1992 and early 1993. ENSCO, headquartered in Dallas, is engaged in providing contract drilling and related services to the international petroleum industry. ENSCO's common stock and preferred stock trade on the American Stock Exchange. Penrod Holding Corporation is a privately held, international offshore contract drilling company headquartered in Dallas. -0- 3/10/92 /CONTACT: G. Allen Brooks of ENSCO, 214-922-1500/ (ESV) CO: Energy Service Company, Inc. ST: Texas IN: OIL SU: TNM
CK -- NY073 -- 7082 03/10/92 17:14 EST
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|Date:||Mar 10, 1992|
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