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POOL ENERGY SERVICES CO.
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(Name of Registrant as Specified in Its Charter)
POOL ENERGY SERVICES CO.
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Contact: Ruth Pachman/Kimberly Kriger
Kekst and Company
212-521-4800
David Oatman
Pool Energy Services
713-954-3316
For Immediate Release
POOL ENERGY RESPONDS TO ISS VOTE RECOMMENDATION
HOUSTON, December 30, 1998 -- Pool Energy Services Co. (NASDAQ: PESC), in
response to the proxy analysis of Institutional Shareholder Services (ISS),
today said, "We want to emphasize that ISS states clearly in its report that
Pool should not accept the current takeover proposal by Nabors Industries Inc."
Pool also said that it concurs with ISS that "the central issue in this contest
is whether or not shareholders are being offered a fair price for their shares."
The Company reiterated that, as it has maintained from the start, it will not
sell its shareholders short despite the difficulties the oilfield servicing
industry is experiencing. To this end, the Pool Board has been and will continue
to be willing to evaluate any alternative that it believes delivers to Pool's
shareholders superior value to that provided by Pool's own successful growth
strategies.
Finally, the Company noted ISS' recognition of its successful stock price
performance. ISS wrote in its report, "Pool outperformed its peer group over an
eight-, five-, and three-year time horizon and since the inception of its
strategic plan (May 31, 1994, through Sept. 30, 1998). Pool's price performance
indicates that management's performance has been more than adequate during those
time periods, especially since the adoption of its strategic plan."
Pool said that it continues to recommend to its shareholders that they vote
against the Nabors resolution on the gold proxy card.
Pool noted that permission to quote from the ISS report was neither sought nor
given.
Pool Energy Services Co., headquartered in Houston, is a diversified energy
services company principally engaged in providing well-servicing, workover and
drilling services and related transportation services on land and offshore in
the U.S. and selected international markets.
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