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OFFSHORE RIGS, L.L.C. ANNOUNCES AGREEMENT TO SELL GULF OF MEXICO WORKOVER BUSINESS

 HOUMA, La., Nov. 29 /PRNewswire/ -- Offshore Rigs, L.L.C. has executed a letter of intent to sell its offshore workover business to Pride Petroleum Services, Inc. (NASDAQ: PRDE) of Houston. Offshore Rigs operates 22 platform workover rigs in the Gulf of Mexico from its shore facilities in Houma. Financial terms of the transaction were not released. It is contemplated that the acquisition will be concluded in April 1994.
 The fleet of 22 rigs to be acquired represents approximately 40 percent of the platform workover rigs in the Gulf of Mexico and is more than twice the size of the largest competitor.
 James C. Harper, manager of Offshore Rigs L.L.C., said, "We are extremely pleased by our alliance with Pride. The Pride organization is one of the industry's largest and strongest and will provide substantial resources to us in our continuing efforts to provide the most qualified, experienced personnel and to continue building the finest offshore workover fleet in the business."
 Pride has 468 rigs located in domestic and international markets making it one of the world's largest well servicing contractors. Offshore Rigs' headquarters will remain in Houma and no operating management changes are expected.
 -0- 11/29/93
 /CONTACT: James C. Harper of Offshore Rigs, L.L.C., 504-872-4700/
 (PRDE)


CO: Offshore Rigs, L.L.C.; Pride Petroleum Services, Inc. ST: Louisiana, Texas IN: OIL SU: TNM

CK -- NY064 -- 8336 11/29/93 13:38 EST
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Publication:PR Newswire
Date:Nov 29, 1993
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