Torch Offshore's IPO Checks in at $16

Thursday, June 07, 2001
Torch Offshore Inc., an undersea construction firm, priced its initial public offering at $16, the top end of its expected price range, underwriter UBS Warburg said on Thursday.

The company offered 5 million shares and raised $80 million through the deal. Torch, which will trade under the symbol "TORC" on the Nasdaq, had expected the deal to price between $14 to $16 per share.

The offering comes amid a spate of energy company IPOs, such as Global Power Equipment Group Inc. and Encore Acquisition Co. aiming to whet investor appetite for investments that gain with a perceived shortage of energy.

Gretna, La.-based Torch, which serves undersea drilling operations of oil and gas companies in the Gulf of Mexico, posted revenue of $29.9 million in the first nine months of 2000, with earnings before interest, taxation, amortization and depreciation of $3.3 million.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Nordic Yards Delivers 'Wind Server'

Nordic Yards officially handed over the offshore service vessel to the Danish company DBB Jack-Up Services A/S. During the handover ceremony, the ship was named ‘WIND SERVER’.

Reports on Rosneft Arctic Projects

On December 18, Member of Rosneft Board of Directors, special representative of President of the Russian Federation on international cooperation in the Arctic

Abigail Ross Hopper Named BOEM Director

Secretary of the Interior Sally Jewell today named Abigail Ross Hopper as the Director of the Bureau of Ocean Energy Management (BOEM), which manages the development

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1777 sec (6 req/sec)