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GRACE ANNOUNCES AGREEMENTS TO SELL GRACE OFFSHORE COMPANY

 BOCA RATON, Fla., March 15 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced the signing of definitive agreements to sell the components of Grace Offshore Company to two separate third-party purchasers. Including the monetization of retained working capital items, Grace should realize approximately $57 million from these divestments. Grace expects the transactions, which are subject to various conditions, to close during the second quarter.
 One agreement calls for the sale of the Huthnance Drilling Division of Grace Offshore to a joint venture formed by Mike Mullen Energy Equipment Resources, Inc. and Falcon Drilling Company. The other agreement calls for the sale of Booker Workover Division of Grace Offshore to Offshore Rigs, L.L.C.
 Regarding this announcement, J. P. Bolduc, Grace president and chief executive officer, said, "This divestment is a product of implementing Grace's strategic plan for the 1990s and beyond, which includes the divestment of non-strategic businesses, such as Grace Offshore. The proceeds initially will be applied toward the paydown of corporate debt and subsequently deployed to grow Grace's core specialty chemicals and health care businesses."
 Grace's Offshore Huthnance division, based in New Iberia, La., is a leading drilling rig operator in the Gulf of Mexico and had 1992 sales of $21 million. The Booker division, based in Houma, La., provides offshore workover and well completion rigs and had 1992 sales of more than $23 million.
 Grace is the world's largest specialty chemicals company with a leadership position in specialized health care.
 -0- 3/15/93
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA)


CO: W. R. Grace & Co.; Grace Offshore Company ST: Florida IN: CHM SU: TNM

AW -- FL005 -- 6119 03/15/93 14:51 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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