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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) JULY 9, 1996
POOL ENERGY SERVICES CO.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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TEXAS 0-18437
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(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER)
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76-0263755
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(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
10375 RICHMOND AVENUE
HOUSTON, TEXAS 77042
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
713/954-3000
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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Item 5. OTHER EVENTS
On July 9, 1996, the Company completed the sale to the public of
4,600,000 shares of its common stock, no par value, from which it realized
proceeds of approximately $47,800,000 (net of underwriting discounts and
commissions). Of the net proceeds, the Company intends to use (i) $10.9 million
in connection with the acquisition of a 51% interest in a newly formed
corporation which will provide drilling, workover and well services in
Argentina, (ii) $9.1 million in connection with the acquisition of the 51%
interest that the Company does not already own in its Malaysia affiliate, Antah
Drilling Sdn. Bhd., (iii) $4.5 million in connection with the purchase of the
operating assets of Western Oil Well Service Co., (iv) approximately $4.4
million to fund remaining refurbishment costs and providing working capital for
the Company's Rig 18, and (v) approximately $5.3 million to replenish working
capital reserves previously used to fund costs of refurbishment of Rig 18 and an
acquisition completed earlier in 1996. The Company intends to use remaining net
proceeds for repayment of debt under its syndicated bank revolving line of
credit and for general corporate purposes.
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.
POOL ENERGY SERVICES CO.
Date: July 10, 1996
By: /s/ E. J. SPILLARD
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E. J. Spillard
Senior Vice President, Finance
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