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OFFSHORE PIPELINES ANNOUNCES SETTLEMENT OF SECURITIES LITIGATION

 HOUSTON, Jan. 6 /PRNewswire/ -- Offshore Pipelines, Inc. (OPI) (NYSE: OFP) today announced it has reached a tentative settlement in the investor class action securities litigation pending against OPI and certain of its present and former officers and directors in the U.S. District Court for the Southern District of New York. The settlement is subject to final District Court approval.
 Plaintiffs in these suits sought class action claims against OPI and certain of its present and former directors and officers based upon alleged violations of the federal securities laws. The settlement, once effective, would extinguish all pending securities laws claims against OPI or any of its officers and directors. In connection with this settlement, neither OPI nor any of the individual defendants admits any wrongdoing.
 This settlement calls for a cash payment by OPI to stockholders who purchased OPI common stock during the periods named in the suits and their counsel. OPI is insured and will be reimbursed for substantially all of the amount paid to settle the case and related costs and expenses.
 This settlement will not become final until, among other things, judicial approval of the terms of the settlement has been obtained.
 OPI operates one of the largest marine construction fleets in the world, capable of handling a full range of large-capacity and deep-water construction projects worldwide. The company is an industry leader in laying marine pipelines; installing, salvaging and refurbishing offshore platforms; fabricating offshore platforms and their components; and providing diving services.
 -0- 1/6/93
 /CONTACT: Victor M. Perez, senior vice president - capital markets of Offshore Pipelines, Inc., 713-952-1000/
 (OFP)


CO: Offshore Pipelines, Inc. ST: Texas IN: OIL SU:

PS -- NY021 -- 2125 01/06/93 10:35 EST
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Publication:PR Newswire
Date:Jan 6, 1993
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