Huthnance Corporation Formed To Consolidate Rig Ownership

Huthnance Corporation, Houston, Texas, the newly formed parent company of Huthnance Drilling Company, announced it has completed the acquisition of all limited partner interests in three of its limited partnerships and the stock of an affiliated company. With this consolidation of rig ownership, Huthnance Corporation's nine rig offshore fleet is comprised of six rigs which are 100 percent owned by the Corporation and three rigs which continue to be owned by limited partnerships. First City National Bank of Houston leads a group of banks which has provided $47 million of long-term financing as the privately held corporation moved from asset-based loans to general corporate financing. The transaction marks a significant point in the nine-year corporation life of Huthnance Drilling Company and is designed to better position the company to capitalize on the current offshore drilling recovery.

Maritime Reporter Magazine, page 6, Dec 1984

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