| Ticker: FSOLF | 16 bis, rue Grange Dame Rose | |
| Exchange: NASDAQ-National Market | Velizy-Villacoublay Cedex, Foreign BP 100-78 | |
| Industry: Natural Resources | 3130705858 |
| Type of Shares: | Common Shares | Filing Date: | 4/22/96 | |
| U.S. Shares: | 6,000,000 | Offer Date: | 5/10/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 6,000,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.84 | |
| Offering Amount: | $72,000,000 | Selling: | $0.50 | |
| Expenses: | $1,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 16,010,000 |
| Manager | Tier | Phone |
| Salomon Brothers Inc. | Lead Manager | (212) 783-2947 |
| Credit Lyonnais Securities (USA) Inc. | Co-manager | |
| Jefferies & Company Incorporated | Co-manager | (800) 933-6656 |
| Auditor: Deloitte & Touche | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $171.50 | Assets: | $333.06 | ||
| Net Income: | -$4.01 | Liabilities: | $210.05 | ||
| EPS: | -$0.40 | Equity: | $123.01 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a diversified international drilling company that provides drilling, workover and related services to oil and gas companies worldwide. The company currently provides services in more than 20 countries, with significant operations in Angola, Argentina, Venezuela and North Africa. The company operates a diverse fleet of seven tender-assisted rigs, four barge rigs, two semisubmersible rigs, one dynamically positioned drillship, four jackup rigs and 31 land rigs. The company also provides well engineering, integrated drilling services, turnkey wells and project management to its customers. Since commencing operations in 1953, the company has expanded its operations by responding to the specific drilling requirements of its customers around the world. As part of its operations, the company focuses on niche markets and on developing innovative drilling solutions through research and development and rig design in conjunction with its major customers and the French government's institute for petroleum research, Institut Francais du Petrole. |
| Use of Proceeds |
| The proceeds from the offering will be used to repay existing indebtedness, upgrade the South Seas Driller, and for working capital, including expansion of operations in South America. |
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