Printer Friendly

GRACE COMPLETES SALE OF GRACE OFFSHORE COMPANY

 BOCA RATON, Fla., May 4 /PRNewswire/ --W. R. Grace & Co. (NYSE: GRA) today announced the completion of the sale of the components of Grace Offshore Company to two separate purchasers. Including the monetization of retained working capital items, Grace realized approximately $57 million from these divestments.
 One transaction involved 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. In another transaction, the Booker Workover Division of Grace Offshore was sold to Offshore Rigs, L.L.C.
 Grace Offshore's 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 and holds a leadership position in specialized health care.
 -0- 5/4
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA)


CO: W. R. Grace; Grace Offshore Company; Mike Mullen Energy Equipment
 Resources, Inc.; Falcon Drilling Company; Offshore Rigs, L.L.C. ST: Florida, Louisiana IN: OIL SU: TNM


JB-AW -- FL006 -- 4206 05/04/93 09:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1993
Words:211
Previous Article:DISCOUNT AUTO PARTS ADDS THREE NEW STORES IN FLORIDA
Next Article:TRADEAMERICANCARD BRINGS BARTER AND BUSINESS INDEPENDENCE EXPOSITION TO SEQUOIA CONFERENCE CENTER JULY 14
Topics:


Related Articles
GRACE COMPLETES SALE OF JAPAN MICROWAVE BUSINESS
GRACE PROCEEDS WITH SALE OF GRACE ENERGY
GRACE ANNOUNCES AGREEMENT TO SELL ST SERVICES
GRACE ANNOUNCES AGREEMENT TO SELL GRACE PETROLEUM'S EAST TEXAS FIELDS
GRACE TO SELL GRACE PETROLEUM STOCK FOR $125 MILLION
GRACE COMPLETES TWO TRANSACTIONS IN GRACE PETROLEUM SALE
GRACE ANNOUNCES AGREEMENTS TO SELL GRACE OFFSHORE COMPANY
GRACE COMPLETES SALE OF HORTICULTURAL UNIT
Grace, Tyumen Oil Sign Hydroprocessing Agreement.
GRACE AND TYUMEN OIL SIGN HYDROPROCESSING AGREEMENT.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters