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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): DECEMBER 6, 1994
Commission File Number: 0-18309
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MARINE DRILLING COMPANIES, INC.
(Exact name of registrant as specified in its charter)
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<S> <C>
TEXAS 74-2558926
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
14141 SOUTHWEST FREEWAY, SUITE 2500, SUGAR LAND, TEXAS 77478-3435
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (713) 491-2002
________________________________________________________________________________
(Former name if changed since last report)
________________________________________________________________________________
(Former address if changed since last report)
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ITEM 5. OTHER EVENTS
A. On December 2, 1994, the Company announced the
acquisition of the Nordic Explorer (to be renamed the
MARINE 201) jack-up drilling rig.
B. On December 2, 1994, the Company announced the closing
of a new $35 million credit facility with The CIT
Group/Capital Equipment Financing, Inc.
ITEM 7(c). EXHIBITS
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Exhibit
Number Description
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<S> <C>
99.5 Press release dated December 2, 1994 regarding
closing of Nordic Explorer purchase.
99.6 Press release dated December 2, 1994 regarding
completion of CIT financing facility.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
MARINE DRILLING COMPANIES, INC.
(Registrant)
Date: December 6, 1994 By: /s/ William H. Flores
William H. Flores
Senior Vice President -
Chief Financial Officer and Director
(Principal Financial Officer)
Date: December 6, 1994 By: /s/ Joan R. Smith
Joan R. Smith
Vice President, Controller and
Secretary
(Principal Accounting Officer)
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INDEX TO EXHIBITS
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBITS PAGE
------- -------- ------------
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99.5 Press release dated December 2, 1994 regarding
closing of Nordic Explorer purchase.
99.6 Press release dated December 2, 1994 regarding
completion of CIT financing facility.
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EXHIBIT 99.5
NEWS RELEASE
MARINE DRILLING COMPANIES, INC.
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14141 Southwest Freeway, Suite 2500
Sugar Land, Texas 77478-3435
DATE: December 2, 1994
[LOGO] CONTACT: William O. Keyes or
William H. Flores
PHONE: (713) 491-2002
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MARINE DRILLING ANNOUNCES
CLOSING OF NORDIC EXPLORER PURCHASE
SUGAR LAND, TEXAS (December 2, 1994) -- Marine Drilling Companies, Inc.
(NSM-MDCO) today reported that on December 1, it acquired the Nordic Explorer
(which has been renamed the MARINE 201) from Transocean AS for approximately $7
million. The rig, which is currently in Singapore, is a 200' water depth rated
mat cantilever jack-up rig built in 1981. The MARINE 201 is equipped with a
top drive and it is also configured for international operations. The Company
initially intends to market the rig in Southeast Asia.
Marine Drilling owns and operates thirteen jack-up drilling rigs
located in the U.S. Gulf of Mexico, offshore Mexico in the Bay of Campeche and
in Southeast Asia. The Company's common stock is listed on the NASDAQ Stock
Market under the symbol MDCO.
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EXHIBIT 99.6
NEWS RELEASE
MARINE DRILLING COMPANIES, INC.
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14141 Southwest Freeway, Suite 2500
Sugar Land, Texas 77478-3435
DATE: December 2, 1994
[LOGO] CONTACT: William H. Flores or
Joan R. Smith
PHONE: (713) 491-2002
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MARINE DRILLING ANNOUNCES
COMPLETION OF CIT FINANCING FACILITY
SUGAR LAND, TEXAS (December 2, 1994) -- Marine Drilling Companies, Inc.
(NSM-MDCO) today announced the closing of a new $35 million credit facility
with The CIT Group/Capital Equipment Financing, Inc. The facility includes an
eighteen-month revolving loan which is convertible into a three-year term loan.
The principal balance of the term loan will amortize at a rate of 20% per year
with the balance (40%) due at the end of the three-year term. The Company will
use the facility to fund rig acquisitions and upgrades to its present fleet.
William H. Flores, the Company's Chief Financial Officer, commented,
"We are excited about our new relationship with CIT and with the opportunities
available to the Company with this facility. We view this arrangement as a
financially prudent way to grow Marine Drilling and add value for our owners."
Marine Drilling owns and operates thirteen jack-up drilling rigs
located in the U.S. Gulf of Mexico, offshore Mexico in the Bay of Campeche and
in Southeast Asia. The Company's common stock is listed on the NASDAQ Stock
Market under the symbol MDCO.
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