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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): March 18, 1996
Commission File Number: 0-18309
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MARINE DRILLING COMPANIES, INC.
(Exact name of registrant as specified in its charter)
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)
Registrant's telephone number, including area code: (713) 243-3000
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(Former name if changed since last report)
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(Former address if changed since last report)
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ITEM 5. OTHER EVENTS
A. On March 18, 1996, the Company accounced the retirement of
William O. Keyes from its board of directors and as President,
Chief Executive Officer and Chairman of the Board effective
May 9, 1996.
B. The Company also announced the appointment of William H. Flores
as Chief Operating Officer effective March 18, 1996 and the
expected election of Robert L. Barbanell as non-executive
Chairman of the Board effective May 9, 1996.
ITEM 7(c). EXHIBITS
Exhibit
Number Description
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99.10 Press release dated March 18, 1996
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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: March 18, 1996 By: /s/ William H. Flores
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William H. Flores
Senior Vice President -
Chief Operating Officer,
Chief Financial Officer and Director
(Principal Financial Officer)
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INDEX TO EXHIBITS
Exhibit
Number Exhibits
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99.10 Press release dated March 18, 1996
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EXHIBIT 99.10
NEWS RELEASE
MARINE DRILLING COMPANIES, INC.
ONE SUGAR CREEK CENTER BLVD. - SUITE 600
SUGAR LAND, TEXAS 77478-3556
DATE: March 18, 1996
LOGO CONTACT: William H. Flores
PHONE: (713) 243-3000
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MARINE DRILLING ANNOUNCES
RETIREMENT OF WILLIAM O. KEYES AS PRESIDENT & C.E.O.
SUGAR LAND, TEXAS (March 18, 1996) - Marine Drilling Companies, Inc.
(NSM-MDCO) today announced that William O. Keyes, Chairman of the Board,
President and Chief Executive Officer, has indicated that he will retire from
the board and the Company at the Company's annual meeting in May 1996.
William H. Flores, currently Senior Vice President and Chief Financial
Officer, will assume the additional responsibilities as the Company's Chief
Operating Officer. A committee of the Company's board of directors has been
appointed to conduct a search for Mr. Keyes' successor. The Company currently
expects to elect Robert L. Barbanell as non-executive Chairman of the Board
of Directors at the Company's annual meeting.
Mr. Keyes has been active in the offshore drilling industry for over 30
years. From 1975 to 1977, Mr. Keyes was President of Western Oceanic and in
1977 he formed Keyes Offshore, Inc. which merged with the Company in 1990.
Mr. Keyes was originally Vice Chairman of the Board and Senior Vice President
of Marine, and assumed his current responsibilities in 1991. "I feel good
about the future prospects for the Company," said Mr. Keyes. "Over the past
few years we transformed Marine from a highly leveraged company to one which
has one of the strongest balance sheets in the industry, increased the size of
our fleet and spent a significant amount of capital upgrading our rigs.
Moreover, we feel that the current outlook for the offshore drilling industry
is the best that it has been in several years."
Marine Drilling owns and operates thirteen jack-up drilling rigs located
in the U.S. Gulf of Mexico and offshore India. The Company's common stock is
listed on the NASDAQ Stock Market under the symbol MDCO.
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#96-02 (pg 1 of 1)
