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WEATHERFORD COMPLETES HOMCO ACQUISITION

 HOUSTON, April 1 /PRNewswire/ -- Weatherford International (AMEX: WII) announced today completion of its acquisition of Homco International from W.R. Grace (NYSE: GRA) for $97.5 million cash, subject to adjustment for changes in Homco's adjusted book value since Dec. 31, 1992, and the assumption of certain liabilities.
 Homco is a leading oilfield services company with operations in more than 70 locations throughout the United States, Canada, Europe and Southeast Asia. Most of Homco's operations, which include fishing and rental tool services, are complementary to Weatherford's Petco division. Homco's 1992 revenues were approximately $120 million.
 Revenues for the two companies, had they been combined Jan. 1, 1992, and after giving effect to certain pro forma adjustments, would have been approximately $332 million. Both Weatherford and Homco are headquartered in Houston with combined worldwide work forces of approximately 3,000 employees.
 The purchase price for Homco was funded with the proceeds from a term loan of $97.5 million that was part of Weatherford's new credit facilities aggregating $147.5 million.
 Weatherford is a Houston-based diversified international energy service and manufacturing company that provides tubular running services, fishing services and rental tools, cementation products and other specialized equipment to the oil and gas industry. Weatherford trades on the American Stock Exchange under the symbol WII.
 -0- 4/1/93
 /CONTACT: Norman W. Nolen, chief financial officer of Weatherford International, 713-439-9400/
 (WII GRA)


CO: Weatherford International, Inc.; W.R. Grace; Homco International ST: Texas IN: OIL SU: TNM

BN-BR -- AT011 -- 2139 04/01/93 15:07 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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