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SONAT INC. ANNOUNCES SONAT OFFSHORE DRILLING INC. PUBLIC OFFERING OF 15,500,000 SHARES OF COMMON STOCK

 BIRMINGHAM, Ala., May 27 /PRNewswire/ -- Sonat Inc. (NYSE: SNT) today announced commencement of the initial public offering by its subsidiary Sonat Offshore Drilling Inc. of 15,500,000 shares of Sonat Offshore common stock at a price of $22 per share. The Sonat Offshore common stock will be traded on the New York Stock Exchange under the symbol "RIG."
 The shares are being offered through an underwriting group led by Goldman, Sachs & Co. (lead manager), PaineWebber Incorporated, Salomon Brothers Inc and Simmons & Company International.
 Sonat Offshore will use the net proceeds from the offering to repay all of its outstanding indebtedness and to pay a dividend to Sonat Inc. Upon completion of the offering, Sonat will own 45 percent of Sonat Offshore's outstanding common stock. Sonat has also granted an over- allotment option to the underwriters which, if fully exercised, would reduce Sonat's ownership in Sonat Offshore to 37 percent. Sonat indicated that the funds received by it as a result of the transaction will be reinvested in its core businesses, which are oil and gas exploration and production and interstate natural gas transmission.
 Sonat Offshore, headquartered in Houston, is engaged in contract drilling of oil and gas wells in offshore areas throughout the world.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. A prospectus regarding the initial public offering may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, N.Y.; PaineWebber Incorporated, 1285 Avenue of the Americas, New York, N.Y.; Salomon Brothers Inc, 7 World Trade Center, New York, N.Y.; or Simmons & Company International, 4900 NationsBank Center, Houston, Texas.
 -0- 5/27/93
 /CONTACT: Thomas W. Barker, Jr., 205-325-3586, or Bruce L. Connery, 205-325-3898, both of Sonat/
 (SNT RIG)


CO: Sonat Inc.; Sonat Offshore Drilling Inc. ST: Alabama IN: OIL SU: OFR

BN -- AT014 -- 3187 05/27/93 17:55 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:351
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