Server: Microsoft-IIS/2.0 Date: Thu, 20 Nov 1997 18:57:59 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Tue, 02 Sep 1997 13:16:49 GMT Content-Length: 4885 Halter Marine Group, Inc. - Press Release

PRESS RELEASE
For release: June 2, 1997
Contact: Keith Voigts or Rick Rees, Investor Relations
Tel: 601-896-0029

 

 

HALTER MARINE GROUP COMPLETES ACQUISITION OF TEXAS DRYDOCK, INC.

 

GULFPORT, Miss... A wholly owned subsidiary of the Halter Marine Group, Inc. (AMEX:HLX) Gulfport, Miss. has completed the acquisition of the remaining common stock of Texas Drydock, Inc. Houston, Tex., now known as TDI-Halter, Inc. on May 16, 1997.

Halter acquired 51% of the common stock of Texas Drydock, Inc. for cash on April 4, 1997 and reached an agreement on May 6, 1997 to acquire the remaining Texas Drydock common stock. Total purchase price was approximately $50 million.

TDI-Halter, Inc. is a leading participant in the mobile offshore drilling rig construction, conversion and repair business. It operates six shipyards in southeast Texas, and its revenues in the latest fiscal year ended Sept. 30, 1996 were approximately $73 million. On April 23, 1997 TDI-Halter, Inc. announced the signing of an approximately $80 million contract for the construction of a Le Tourneau Super 116 mobile offshore drilling unit (MODU) for Perforadora Central S. A. de C. V. Mexico City.

With the addition of TDI-Halter, Inc. Halter Marine Group, Inc., has 17 shipyards in Louisiana, Mississippi, Florida and Texas. The company specializes in the design, construction, conversion and repair of mobile offshore drilling units and a wide variety of vessels for commercial, government and pleasure boat markets. Shipyards of the Halter Marine Group, Inc. have built more than 2,000 vessels in the past 40 years.

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