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POOL ENERGY SERVICES CO. ANNOUNCES AGREEMENT TO ACQUIRE THREE GULF OF MEXICO JACK-UP RIGS

 HOUSTON, Sept. 9 /PRNewswire/ -- Pool Energy Services Co. (NASDAQ: PESC) announced today the signing of agreements with Atlantic Pacific Marine Corporation ("APMC") to purchase three jack-up rigs located in the Gulf of Mexico for approximately $7 million in cash. The three rigs, the Ranger IV, Ranger V and Ranger VI, are Bethlehem- designed jack-ups designed for workover and light drilling in water depths ranging from 12 to 90 feet.
 "This acquisition will increase our participation in the Gulf of Mexico market, where rig utilization and day rates have increased substantially over the last year due to improved natural gas prices," said Jim Jongebloed, president and chief executive officer. The rigs to be acquired are currently being operated by another company under a charter arrangement with APMC, and delivery to Pool is to occur as present operations are completed. The rigs will be additional to Pool's fleet of three jack-up and 13 platform rigs in the Gulf of Mexico.
 Pool Energy Services Co., headquartered in Houston, is a diversified energy services company principally engaged in providing well-servicing, workover and drilling services on land and offshore in the United States and selected international markets.
 -0- 9/9/93
 /CONTACT: D. C. Oatman, director, business development & financial relations, Pool Energy Services Co., 713-954-3316/
 (PESC)


CO: Pool Energy Services Co.; Atlantic Pacific Marine Corporation ST: Texas IN: OIL SU: TNM

LD -- NY096 -- 0566 09/09/93 19:07 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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