| Ticker: DRLX | 15151 Sommermeyer | |
| Exchange: NASDAQ-National Market | Houston, Texas 77041 | |
| Industry: Natural Resources | (713) 937-8888 |
| Type of Shares: | Common Shares | Filing Date: | 5/9/96 | |
| U.S. Shares: | 2,361,962 | Offer Date: | 7/2/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $17.00 - $19.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $16.00 | |
| Secondary Shares: | 361,962 | Gross Spread: | $1.12 | |
| Offering Amount: | $42,515,316 | Selling: | $0.64 | |
| Expenses: | $1,250,000 | Reallowance: | $0.10 | |
| Shares Out After: | 6,753,740 | |||
| Spin out parent firm: | DRLX Partners, L.P. | |||
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| CS First Boston | Co-manager | (212) 909-3312 |
| Simmons & Company | Co-manager | (713) 223-7840 |
| Auditor: Deloitte & Touche | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 12/31/95 | ||
| Revenue: | $57.53 | $19.46 | $10.53 | Assets: | $78.46 |
| Net Income: | $1.78 | $0.53 | $0.21 | Liabilities: | $54.19 |
| EPS: | $0.40 | $0.11 | $0.05 | Equity: | $24.27 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| Drilex is a leading provider of products and services used in directional, horizontal and other precision drilling of oil and gas wells, oil field workover operations, environmental remediation applications, and trenchless pipeline applications. Precision drilling involves the combined use of a steerable downhole positive displacement drilling motor and a guidance system to enable the controlled placement of a borehole through predetermined locations. Drilex employs this technology to drill to depths ranging from near surface to more than four miles. The Company's products and services include comprehensive computerized well planning and engineering services, supervision of drilling operations and project management, a full range of high performance downhole positive displacement motor systems, guidance systems (such as measurement-while-drilling ("MWD") instrument systems and steering tools), and other related downhole tools. Oil field applications accounted for approximately 86% of the Company's revenues (on a pro forma basis) in 1995. The company currently operates from 23 locations around the world and has approximately 390 employees. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay long term indebtedness a substantial portion of which was incurred in connection with acquisitions, and for general corporate purposes. |
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