Marine Drilling, headquartered in Houston, Texas, is a leading provider of drilling rigs in the Gulf of Mexico. At the time of the Warburg, Pincus investment, Marine Drilling owned and operated sixteen jack-up rigs with water depth capacity of 200 to 3777 feet and drilling depth capacity of up to to 25,000 feet. Warburg Pincus led an important refinancing of Marine Drilling in November of 1987 and provided additional capital in 1990 and 1992. Warburg Pincus first sold shares in a public offering in 1993 and remained an investor in Marine Drilling through April 1996.

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