Drilling & Production

MORE PENROD RIGS TO BE SOLD

Aug. 13, 1990

Energy Service Co. Inc. (Ensco), Houston, and R.D. Smith & Co. Inc., New York, have agreed to sell two more Penrod Drilling Corp. semisubmersible rigs. Penrod 73 and 78 are to be sold for $90 million to AS HAV, an affiliate of Helmer Staubo & Co., Oslo. Ensco and Smith earlier agreed to sell the Penrod 76 and 77 semisubmersibles to Wilrig AS of Norway for $95 million in a trade designed to facilitate Penrod's recapitalization (OGJ, Aug. 6, p. 35).

Energy Service Co. Inc. (Ensco), Houston, and R.D. Smith & Co. Inc., New York, have agreed to sell two more Penrod Drilling Corp. semisubmersible rigs.

Penrod 73 and 78 are to be sold for $90 million to AS HAV, an affiliate of Helmer Staubo & Co., Oslo.

Ensco and Smith earlier agreed to sell the Penrod 76 and 77 semisubmersibles to Wilrig AS of Norway for $95 million in a trade designed to facilitate Penrod's recapitalization (OGJ, Aug. 6, p. 35).

The latest accord requires approval by the U.S. Maritime Administration and depends on the Ensco and Smith groups acquiring the remaining 31.3% of Penrod's senior debt and equity.