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NOBLE DRILLING CORPORATION PRICES PUBLIC OFFERINGS RELATED TO THE ACQUISITION OF ADDITIONAL OFFSHORE ASSETS

 HOUSTON, Sept. 30 /PRNewswire/ -- Noble Drilling Corporation (NASDAQ-NMS: NDCO) has priced its previously announced public offerings of 10,500,000 shares of common stock of the company and $125 million aggregate principal amount of 9-1/4 percent Senior Notes Due 2003. The common stock offering was priced at $8.375 per share. The senior notes will mature on Oct. 1, 2003 and will bear interest from Oct. 7, 1993, at the rate per annum of 9-1/4 percent.
 The company will use $150 million of the aggregate net proceeds from both offerings to purchase nine offshore jackup drilling rigs and related drilling assets from The Western Company of North America and approximately $41 million to prepay in full the remaining outstanding indebtedness (including accrued interest) of a subsidiary to Transworld Drilling Company relating to the acquisition of 12 offshore drilling units in January 1991. The balance of the net proceeds will be added to working capital and will be available for the planned upgrade and refurbishment of the company's offshore fleet.
 Of the 10,500,000 shares offered, 10,466,000 are being sold by the company and 34,000 shares are being sold by a selling stockholder. An additional 1,575,000 shares are available to cover underwriters' over- allotments, if any.
 The common stock offering is being managed by Salomon Brothers Inc., Jefferies & Company, Inc. and Simmons & Company International, and is made only by means of a prospectus. The senior notes offering is being underwritten in full by the managers of the common stock offering, and is made only by means of a prospectus. Copies of each prospectus may be obtained in any state from any underwriter who may lawfully offer the respective securities in such state.
 The closing of each offering will be conditioned upon the simultaneous closing of the other offering and the simultaneous closing of the acquisition. Closing is scheduled for Oct. 7, 1993.
 Noble Drilling Corporation is a major drilling contractor providing offshore and onshore services worldwide with operations in the United States, Canada, the United Kingdom, Africa, the Middle East and the Far East. The Company's outstanding common stock and preferred stock are traded ?the NASDAQ/NMS under the symbols "NDCO" and "NDCOP", respectively.
 -0- 9/30/93
 /CONTACT: Byron L. Welliver, senior vice president-finance and treasurer of Noble Drilling Corporation, 713-974-3131/
 (NDCO)


CO: Noble Drilling Corporation ST: Texas IN: OIL SU: OFR

WB -- NY123 -- 7548 09/30/93 17:57 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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