TUBOSCOPE ANNOUNCES PUBLIC STOCK OFFERING
TUBOSCOPE ANNOUNCES PUBLIC STOCK OFFERING HOUSTON, Dec. 6 /PRNewswire/ -- Tuboscope Corporation
(NASDAQ-NMS: TUBO) today announced the commencement of a proposed public offering of 4,000,000 shares of common stock. All of the shares being offered are to be sold by the company and the offering price is 6-7/8 per share. PaineWebber Incorporated, Lehman Brothers and Salomon Brothers Inc. are co-managers for the offering.
The company will use the net proceeds from this offering to reduce outstanding indebtedness. Tuboscope supplies worldwide inspection and coating services for oil country tubular goods, provides in-service inspection of oil, gas and related products pipelines, provides in-line inspection equipment to manufacturers of oil country tubular goods and markets a line of high- quality tubular connections. Headquartered in Houston, Texas, Tuboscope reported 1990 sales of $128.3 million. The company employs more than 2,000 personnel in over 40 countries and is the world's leading provider of inspection and coating services for oil country tubular goods. This release shall not constitute an offer to sell or a solicitation of an offer to buy these securities. The offer is made only by the Prospectus. Copies of the Prospectus may be obtained in any state from the co-managers if they may legally offer these securities in compliance with the securities laws of such state. -0- 12/6/91 /CONTACT: Martin R. Reid of Tuboscope Corporation, 713-799-5100/ (TUBO) CO: Tuboscope Corporation ST: Texas IN: OIL SU: OFR SH -- NY058 -- 0219 12/06/91 16:03 EST
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|Date:||Dec 6, 1991|
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