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Pool Energy Makes Several Offshore Investments

Pool Energy Services Co. announced letters of intent for two international transactions. It entered into a letter of intent to acquire the 51 percent interest (that it does not already own) in its Malaysia joint venture, Antah Drilling Sdn. Bhd. Antah Drilling's assets include a state-ofthe- art, 2,000-hp platform drilling rig and a platform workover rig. The platform drilling rig is scheduled to commence operations offshore Australia in the third quarter of 1996 for Esso Australia Ltd. under a three-year contract. The platform workover rig is currently working offshore Malaysia for Esso Production Malaysia Inc.

The company has also entered into a letter of intent to acquire a 51 percent interest in a newly formed Argentinian corporation that will own and operate nine land drilling rigs and 11 land workover rigs. The two transactions are subject to, among other things, the negotiation of definitive agreements.

"In addition to the scheduled commencement of operation of a 2,000-hp platform drilling rig in the Gulf of Mexico in the third quarter of this year, the recently announced an agreement to acquire the operating assets of Western Oil Well Service Co., and the recently consummated purchase of our partner's interest in Pool Santana Limited, the transactions announced should also enhance the company's results in the future," said Jim Jongebloed, chairman, president and CEO.

 
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