SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF
THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to (section) 240.14a-11(c) or
(section) 240.14a-12
POOL ENERGY SERVICES CO.
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(Name of Registrant as Specified in Its Charter)
POOL ENERGY SERVICES CO.
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(Name of Person(s) Filing Proxy Statement)
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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 URGES SHAREHOLDERS REJECT NABORS'
NON-BINDING PROXY RESOLUTION
HOUSTON, December 21, 1998 -- Pool Energy Services (NASDAQ: PESC) today urged
shareholders to reject Nabors Industries' non-binding resolution to put the
Company up for sale and emphasized the following points in response to Nabors'
(AMEX:NBR) letter to Pool shareholders:
o Pool believes that Nabors' attempt to buy Pool "on the cheap" is
self-serving, opportunistic, and designed to squander the value inherent in
Pool for the sole benefit of Nabors and its shareholders.
o Pool said it would not agree to turn its back on its own shareholders by
selling the business for a fraction of the replacement value of its assets
at a time when oil service company stocks are at all-time lows.
o Pool said its Board has been and will continue to pursue its successful
business plan and growth strategies and that it would evaluate any
alternative that it believes would deliver to Pool's shareholders superior
value to that provided by Pool's own initiatives.
As stated in Pool's own letter to shareholders sent last week, Chairman and
Chief Executive Officer Jim Jongebloed urged a vote against the non-binding
Nabors Resolution. "Pool believes that Nabors' tactic is nothing more than an
effort to gain a strategic advantage in its attempt to buy your Company on terms
that your Board believes do not represent the best value for shareholders," he
wrote.
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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