The Journal Record, March 3rd, 1990
world's largest offshore oil-drilling company, Penrod Drilling Corp., has pitted several of its big bankers against a group of investors headed by Richard E. Rainwater, an influential investor from Fort Worth. The outcome of the struggle, which shows signs of escalating into financial and legal warfare, will determine who owns 39 percent of the world's most modern and efficient offshore drilling rigs at a time when lease rates and offshore drilling activity are rising smartly. Penrod, organized more than 50 years ago by the legendary wildcatter and billionaire H.L. Hunt, also owns 47 land ri...
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