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RPC, Inc. Board of Directors Approves Spin-Off |
ATLANTA, Feb. 13 /PRNewswire/ -- RPC, Inc. (NYSE: RES) today announced that its Board of Directors has approved the spin-off of Chaparral Boats, Inc. ("Chaparral"), RPC's recreational powerboat manufacturing business, to RPC stockholders. RPC will accomplish the spin-off by contributing 100 percent of the issued and outstanding common stock of Chaparral to Marine Products Corporation ("Marine Products"), a newly formed wholly-owned subsidiary of RPC, and then distributing the common stock of Marine Products to RPC stockholders. A holder of RPC common stock will receive 0.6 shares of Marine Products common stock for each share of RPC common stock held at the close of business on February 16, 2001, the record date for the spin-off. An information statement discussing the transaction will be sent to RPC shareholders on or about February 16, 2001. RPC expects the spin-off will occur on February 28, 2001, with trading of the separate companies to begin on March 1, 2001. Marine Products' common stock has been approved for listing on the American Stock Exchange under the ticker symbol "MPX." RPC's common stock will continue to trade on the New York Stock Exchange.
Richard A. Hubbell, President and Chief Operating Officer of RPC, stated, "We are looking forward to new growth opportunities that will be available to both companies following the spin-off. We anticipate that the next year will be a very active time period for both companies as they position themselves for long-term growth."
Atlanta-based RPC, Inc. (http://www.rpc.net ) provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest and rocky mountain regions, and in selected international markets. The services and equipment provided include among other things: snubbing services, coiled tubing services, pressure pumping services, marine services, firefighting and well control, and the rental of drill pipe and other specialized oilfield equipment. RPC acts as a holding company for its oil and gas services operating subsidiaries, including Cudd Pressure Control, Inc., Patterson Services, Inc. and Patterson Tubular Services, Inc.
Marine Products will also be headquartered in Atlanta, Georgia. Marine Products' wholly-owned subsidiary, Chaparral Boats, Inc. (http://www.chaparralboats.com ) is the third largest domestic manufacturer of sterndrive fiberglass recreational boats. Chaparral is recognized as one of the leading boat builders in the United States as evidenced by twenty-one Powerboat Magazine awards since 1981, including four coveted boat of the year titles.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RPC or Marine Products to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in RPC's and Marine Products' Securities and Exchange Commission filings.
CONTACT: Ben M. Palmer of RPC, Inc., 404-321-2140
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