PRIDE PETROLEUM SERVICES ANNOUNCES PENDING PURCHASE OF 17 WELL SERVICE RIGS
PRIDE PETROLEUM SERVICES ANNOUNCES PENDING
PURCHASE OF 17 WELL SERVICE RIGS
HOUSTON, Nov. 13 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ: PRDE) announced the signing of a letter of intent for the purchase of 17 well servicing rigs from WellTech, Inc., Houston. The rigs are based in Bakersfield, Calif. and will be incorporated into Pride's existing operations there. The addition of these rigs will bring Pride's domestic well servicing rig fleet to 441.
Pride is making the purchase for cash and expects to complete the transaction within the next 30 days. Further terms were not disclosed, but revenues from the 17 rigs were approximately $5 million over the past 12 months.
Pride Petroleum Services, headquartered in Houston, is one of the largest well servicing contractors in the United States.
/CONTACT: Eugene C. Fowler, VP and CFO of Pride Petroleum Services, 713-871-8567, or Pat Hoyt of Hoyt & Associates, 713-665-2549, for Pride Petroleum Services/
(PRDE) CO: Pride Petroleum Services Inc. ST: Texas IN: OIL SU: SH -- NY019 -- 3827 11/13/91 10:04 EST