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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 21, 1997
DI INDUSTRIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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<S> <C> <C>
Texas 1-8226 74-2144774
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
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10370 Richmond Avenue, Suite 600
Houston, Texas 77042-4136
(Address of Registrant's principal executive offices)
713/435-6100
(Registrant's telephone number, including area code)
(Not Applicable)
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On Thursday, August 21, 1997, DI Industries, Inc., a Texas corporation
(the "Company") announced that it had acquired six idle drilling rigs and
related drilling equipment from Cactus Drilling Company, a division of Kaiser-
Francis Oil Company. The rigs consist of four 2,000 horsepower silicone
controlled rectifier ("SCR") rigs, one 1,000 horsepower SCR rig and one 1,000
horsepower mechanical rig. The 2,000 horsepower rigs are rated for drilling to
25,000 feet while the 1,000 horsepower rigs are rated for drilling to 15,000
feet. The six rigs will be held in inventory for possible refurbishment and
redeployment. The $23,650,000 cash purchase price for the rigs was paid from
the Company's cash on hand.
The acquisition of these six rigs brings the Company's total rig fleet
to 121 rigs, of which 29 rigs (including the six newly-acquired rigs) are held
in inventory awaiting refurbishment. Assuming market demand so warrants, the
Company presently plans to refurbish and redeploy 15 rigs by the end of 1997.
This Current Report contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements, other than statements of historical
facts, so included in this Current Report that address activities, events or
developments that the Company expects, projects, believes or anticipates will
or may occur in the future, including, without limitation, statements regarding
the Company's business strategy, plans and objectives, beliefs and
expectations, including statements regarding future refurbishment and
redeployment of the Company's rigs and trends in the land drilling business are
forward-looking statements. Such statements are based on certain assumptions
and analyses made by management of the Company in light of its experience and
its perception of historical trends, current conditions, expected future
developments and other factors it believes to be appropriate. The
forward-looking statements included in this Report are also subject to a number
of material risks and uncertainties. Important factors that could cause actual
results to differ materially from the Company's expectations are discussed in
the Company's prospectus dated June 23, 1997 relating to the previously
completed offering of the Company's 8 7/8% Senior Notes due 2007 under the
captions "Risk Factors" and "Business." Interested persons are cautioned that
such forward-looking statements are not guarantees of future performance and
that actual results, developments and business decisions may differ materially
from those envisaged by such forward-looking statements.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 21, 1997
DI INDUSTRIES, INC.
By: /s/ T. Scott O'Keefe
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T. Scott O'Keefe,
Senior Vice President and
Chief Financial Officer
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