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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 3, 1996 (November
27, 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
________________________________________________________________________________
(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, 1996, the Company announced the completion
of the acquisition of the MARINE 500 semi-submersible
drilling rig (formerly the Chris Chenery) from Odfjell
Drilling of Norway.
B. On December 2, 1996, the Company announced an accident
which occurred on the MARINE 15 drilling rig on November
27.
ITEM 7(c). EXHIBITS
Exhibit
Number Description
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99.1 Press release dated December 2, 1996 (#96-14)
99.2 Press release dated December 2, 1996 (#96-15)
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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 3, 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)
99.2 Press release dated December 2, 1996 (#96-15)
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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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EXHIBIT 99.2
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 ACCIDENT ON MARINE 15
SUGAR LAND, TEXAS (December 2, 1996) -- Marine Drilling Companies, Inc.
(NSM-MDCO) today announced that the MARINE 15 was damaged as a result of a fire
which occurred at approximately 9:00 p.m. CST on Wednesday, November 27. All
personnel on the rig were safely evacuated. The Company believes that only
four personnel sustained injuries, most of which were relatively minor, and
that no pollution occurred as a result of the accident or rescue efforts.
The fire on the rig was extinguished the next day and survey crews
immediately commenced an examination of the resulting damages. At this time,
the Company is preparing the rig to be moved to a shorebase for repairs.
Initial reviews indicate that repairs to the rig will be substantially covered
by insurance and can be completed within six months.
The Company does not currently believe this accident will have any
material adverse effect on the Company's results of operations due to the
coverage available under the Company's business interruption insurance.
Marine Drilling 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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