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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 21, 1997
DEEPTECH INTERNATIONAL INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)
0-23934 76-0289338
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
600 TRAVIS
SUITE 7500
HOUSTON, TEXAS 77002
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 224-7400
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ITEM 5. OTHER EVENTS.
DeepTech International Inc. (the "Company") announced on July 21, 1997 that it
expects to reflect reduced equity earnings from two of its subsidiaries as a
result of asset write-downs at the subsidiary level. The Company estimates
that its fourth quarter results will be reduced by $18 to $22 million on a
pre-tax basis to reflect the write-downs at Tatham Offshore, Inc. and Leviathan
Gas Pipeline Partners, L.P.
"The reductions at Tatham Offshore and Leviathan are of a non-recurring nature
and will not impact the operational prospects of either Tatham Offshore or
Leviathan. The business prospects of both companies have tremendous growth
potential and we look forward to reporting on their success in the future,"
stated Thomas P. Tatham, Chairman and Chief Executive Officer of DeepTech.
DeepTech has an effective 23.2% ownership interest in Leviathan Gas Pipeline
Partners, L.P. (NYSE: LEV). DeepTech also has an approximate 37% interest in
Tatham Offshore, Inc. (Nasdaq: TOFF), whose wholly-owned subsidiary, Tatham
Offshore Canada, Ltd. is the Canadian representative of North Atlantic Pipeline
Partners, L.P. North Atlantic is the sponsor of a proposal to build an
offshore pipeline from the Grand Banks area of Newfoundland to New England.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
DEEPTECH INTERNATIONAL INC.
Date: July 22, 1997 By: /S/ Dennis A. Kunetka
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Dennis A. Kunetka
Senior Vice President