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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): December 11, 1996 (December
2, 1996)
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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TEXAS 74-2558926
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
ONE SUGAR CREEK CENTER BLVD. -- SUITE 600, SUGAR LAND, TEXAS 77478-3556
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (281) 243-3000
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(Former name if changed since last report)
________________________________________________________________________________
(Former address if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On December 2, 1996, the Company announced the completion
of the acquisition of the MARINE 500, a second generation
semi-submersible drilling rig (formerly the Chris
Chenery) from Odfjell Drilling of Norway for $37,940,000.
The Company financed the acquisition with working capital
and by borrowing under the revolving credit facility with
the CIT Group/Equipment Financing, Inc.
ITEM 7(c). EXHIBITS
Exhibit
Number Description
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99.1 Press release dated December 2, 1996 (#96-14)
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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 11, 1996 By: /s/ William H. Flores
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William H. Flores
Executive Vice President,
Chief Financial Officer and Director
(Principal Financial Officer)
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INDEX TO EXHIBITS
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EXHIBIT
NUMBER EXHIBITS
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99.1 Press release dated December 2, 1996 (#96-14)
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EXHIBIT 99.1
NEWS RELEASE
MARINE DRILLING COMPANIES, INC.
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One Sugar Creek Center Blvd. - Suite 600
Sugar Land, Texas 77478-3556
DATE: December 2, 1996
[MARINE DRILLING LOGO APPEARS HERE] CONTACT: William H. Flores
PHONE: (281) 243-3000
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MARINE DRILLING ANNOUNCES CLOSING
OF MARINE 500 ACQUISITION
SUGAR LAND, TEXAS (December 2, 1996) -- Marine Drilling Companies, Inc.
(NSM-MDCO) today announced that it has completed the acquisition of the Chris
Chenery from Odfjell Drilling of Norway. The agreement to acquire this rig was
previously announced on November 12, 1996. The Company financed the
acquisition from its revolving credit facility and from working capital. The
rig has been renamed the MARINE 500 and is currently available for deployment.
Marine Drilling now owns and operates fifteen drilling rigs located in
the U.S. Gulf of Mexico, India, Southeast Asia and the Middle East. The
Company's common stock is listed on the NASDAQ Stock Market under the symbol
MDCO.
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