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                                                                    EXHIBIT 21.1


                              LIST OF SUBSIDIARIES*

I.  MAJORITY OWNED SUBSIDIARIES**



                                                                                               STATE OR COUNTRY OF
                                                                                                INCORPORATION OR
           NAME OF COMPANY                                                                        ORGANIZATION
           ---------------                                                                      ------------------

                                                                                                
Pool Company  ...............................................................................    Delaware
Pool International Ltd.  ....................................................................    Cayman Islands
Pool Alaska, Inc.  ..........................................................................    Texas
Pool California Energy Services, Inc.  ......................................................    California
Pool International, Inc.  ...................................................................    Texas
PCNV, Inc.  .................................................................................    Nevada
Pool Company Texas Ltd.  ....................................................................    Texas
Pool International (Malaysia) Sdn. Bhd.  ....................................................    Malaysia
Sea Mar, Inc.  ..............................................................................    Louisiana

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 * Certain subsidiaries and affiliates which would not individually or in the
   aggregate constitute a significant subsidiary have been omitted.
** Ownership is 100% unless otherwise indicated.