Quintana Announces Sale by FR X Offshore, and Resignation

Monday, May 21, 2007
Quintana Maritime Limited announced that FR X Offshore, L.P. sold 2,000,000 shares of Quintana's common stock and that Joseph R. Edwards, who is affiliated with FR X Offshore, resigned from Quintana's board of directors. FR X Offshore, an affiliate of First Reserve Corporation, is a private equity fund specializing in the energy industry.

Prior to the sale on May 17, which was conducted as a broker's transaction in compliance with Rule 144 under the Securities Act of 1933, as amended, First Reserve beneficially owned approximately 6.9% of Quintana's outstanding common stock through FR X Offshore. Following the sale, First Reserve beneficially owns approximately 3.2% of Quintana's outstanding common stock. In addition, First Reserve continues to participate in Quintana through its indirect investment in joint ventures with Quintana for the acquisition of several Capesize newbuildings.

Mr. Edwards also announced his resignation from Quintana's board of directors effective May 17, 2007. Stamatis Molaris, Quintana's President and Chief Executive Officer, said "On behalf of everyone at Quintana, I want to thank Mr. Edwards for his dedication and service to Quintana. We will miss his continued involvement on our Board, which continues to be well positioned for effective oversight and governance." "It has been a pleasure to have served on Quintana's board of directors for the past two years and to watch the Company grow through an initial public offering and the acquisition of nearly forty vessels," remarked Mr. Edwards. "I am grateful for the opportunity to have worked on behalf of the Company and all its shareholders. I believe the Board and the Company are in very good hands under the capable leadership of Corby Robertson, Jr. as Chairman and Stamatis Molaris as President and Chief Executive Officer, and I wish the Company continued success."

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

People & Company News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

Offshore

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Repair 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: 0.1586 sec (6 req/sec)