Dockwise Plans Oslo Listing

Monday, September 17, 2007
According to Dow Jones Dockwise Ltd. will launch an initial public offering on the Oslo Stock Exchange by Oct. 12.

The IPO will give Dockwise shareholders 3i Group (III.LN) and Frontline Ltd. ( FRO.LN) the opportunity to sell part of their combined 47% stake in the company, the chief executive said. The company's management owns a 6% stake in Dockwise, and the remaining 47% of the company is traded in the Norwegian over-the-counter market. The company wants to have a formal listing to increase liquidity and exposure. The reason it chooses Oslo is that there are a lot of analysts and investors in the country with knowledge and interest in the offshore industry, Goedee said.

Private equity company 3i currently has a stake of 30% in the company, Bermuda based tanker company Frontline has a stake of 17%. Frontline is expected to make a total exit from Dockwise, 3i will retain a small stake in the company after the listing of around 10%. 3i bought Dockwise last year for over $700 million from Dutch offshore services company Heerema Group and Norwegian maritime group Wilh. Wilhelmsen. In May 2007 Dockwise merged with Frontline unit Sealift.

Dockwise will use part of the IPO proceeds to pay off a part of its debt of around $958.4 million at the end of the first half year of 2007. Financing costs in the first half were $54.2 million, which partly led to a net loss of $41.5 million on revenue of $134.9 million in the first six months of 2007. In the first half the operating result before depreciation and amortization was $53,1 million. According to market estimates Dockwise will have an operating result of $260 million in 2008, growing to $360 million in 2009. Revenue is expected to grow to $460 million in 2008 and $590 million in 2009.

Dockwise currently operates sixteen semi-submersible heavy transport vessels. The merger with Sealift provides the company with another six big vessels. Five of them will be rebuilt from old tanker ships and are expected to be delivered in 2007 and 2008. The first vessel was delivered in May this year. (Source: http://money.cnn.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

News

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

DP World takes over Rodney Container Terminal, Canada

DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada.

MED AMERICAS will Replace MGE Service

CMA CGM is revamping it MGE service becoming the MED AMERICAS, stand-alone CMA CGM service with dedicated fleet of 11 vessels of 2,500 TEU, in a continuous effort to improve service coverage,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0978 sec (10 req/sec)