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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): March 18, 1996
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PRIDE PETROLEUM SERVICES, INC.
(Exact name of registrant as specified in its charter)
Louisiana 0-16961 76-0069030
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1500 City West Blvd., Suite 400
Houston, Texas 77042
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (713) 789-1400
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ITEM 5. OTHER EVENTS
Reference is made to the attached press release.<PAGE>
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SIGNATURES
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 hereunto duly authorized.
PRIDE PETROLEUM SERVICES, INC.
By: PAUL A. BRAGG
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(Paul A. Bragg)
Vice President, Treasurer and
Chief Financial Officer
Date: March 20, 1996
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PRIDE
PETROEUM
SERVICES NEWS RELEASE
1500 City West Boulevard, Suite 400 Houston, Texas 77042 (713) 789-1400
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FOR IMMEDIATE RELEASE Contact: Paul A. Bragg
Leroy Guidry
(713) 789-1400
PRIDE ANNOUNCES SOUTH AMERICAN ACQUISITION
Houston, Texas, March 18, 1996 --- Pride Petroleum Services, Inc. (NASDAQ:
PRDE) announced that it has entered into a letter of intent with Perez Companc
S.A., Astra C.A.P.S.A. and other shareholders for the acquisition of Quitral-
Co. S.A.I.C., the largest drilling and workover contractor in Argentina, with
additional operations in Venezuela.
The transaction excludes certain non-oilfield service investments of Quitral-
Co., which have been accounted for under the equity method.
For its last fiscal year (ended June 30, 1995), Quitral-Co. generated revenues
of approximately $180 million. For the six-month period ended December 31,
1995, the company's revenues were approximately $100 million, of which 80% was
generated by Argentine operations and 20% by Venezuelan operations.
Quitral-Co. operates 23 drilling and 57 workover rigs in Argentina and 7
drilling and 21 workover rigs in Venezuela. The company has approximately
2,800 employees.
The transaction, which is valued at approximately $140 million, will be funded
by a combination of cash and notes to be issued to the sellers. Closing of the
transaction is subject to, among other things, the negotiation and execution of
definitive purchase agreements. It is expected that closing will occur in 60-
90 days.
Ray H. Tolson, Chairman and Chief Executive Officer of Pride stated: "The
acquisition of Quitral-Co. is the most significant acquisition in the history
of our company. Quitral-Co. is one of the largest and highest quality oilfield
service companies in South America. Its operations are carried out in two of
our primary and fastest-growing areas of operations. Our combined
opportunities in these areas are excellent. We believe that the financial
impact of this transaction should be positive for our shareholders. We believe
that the acquisition of Quitral-Co. represents one of the best growth
opportunities available to our Company."
Pride Petroleum Services, Inc. headquartered in Houston, is one of the world's
largest well servicing and drilling contractors. Of the Company's 525 rigs,
433 are located on land in the United States, 23 are offshore in the Gulf of
Mexico and 69 are in Argentina, Venezuela, Colombia and Russia.
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