Huthnance Consolidates Management Of Nine Offshore Drilling Rigs

Huthnance Offshore Corporation, formed in 1983 as the parent company of Huthnance Drilling Company and Huthnance International, Inc., has consolidated management of the nine offshore drilling rigs owned by these subsidiaries.

"The consolidation is a move designed to streamline operations," said Bill Huthnance, president and chief executive officer of Huthnance Offshore Corporation. "As our new operating company, Huthnance Offshore Corporation will be a strong partner to service the needs of offshore operators." Huthnance Drilling Company, formed in 1975, is general partner of limited partnerships which own three jackup rigs, and Huthnance International, Inc., formed in 1976, owns four platform rigs and two jackup rigs. All nine rigs are currently working for major oil companies in the Gulf of Mexico, and Huthnance Offshore Corporation has maintained a utilization rate of 98 percent for the year for its nine rigs in a market which has had a utilization rate of 70 percent for jackup rigs and 48 percent for platform rigs.

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