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SONAT INC. ANNOUNCES SONAT OFFSHORE DRILLING PUBLIC OFFERING

 BIRMINGHAM, Ala., April 13 /PRNewswire/ -- Sonat Inc. (NYSE: SNT) announced today that Sonat Offshore Drilling Inc., a wholly owned subsidiary of Sonat Inc., has filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of 15,500,000 shares of Sonat Offshore's Common Stock at an estimated offering price of $22.00 to $24.00 per share. Sonat Offshore will use the net proceeds from the offering to repay outstanding indebtedness owed to Sonat Inc. 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 Inc. 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 Inc. 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.
 Goldman, Sachs & Co. (lead manager), PaineWebber Incorporated, Salomon Brothers Inc and Simmons & Company International will co-manage the offering.
 Sonat Offshore, headquartered in Houston, is engaged in contract drilling of oil and gas wells in offshore areas throughout the world.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by 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 such State.
 A prospectus regarding the initial public offering may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York, PaineWebber Incorporated, 1285 Avenue of the Americas, New York, New York, Salomon Brothers Inc, 7 World Trade Center, New York, New York, Simmons & Company International, 4900 NationsBank Center, Houston, Texas.
 -0- 4/13/93
 /CONTACT: Thomas W. Barker, Jr., vice president-Finance and treasurer, 205-325-3586, or Bruce L. Connery, manager-Investor Relations, 205-325-3898, both of Sonat/
 (SNT)


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

BN-BR -- AT009 -- 5163 04/13/93 10:59 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
Words:398
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