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

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

Deadliest Weekend Ever in the Mediterranean: UNHCR

More than 700 people fleeing Africa and the Middle East may have drowned in shipwrecks in the Mediterranean over the last week, bringing the death toll this year to almost 3,

Offshore

Survey Vessel Delivered to Fugro N.V.

Fugro Pioneer is the second of three vessels to be delivered to Fugro in 2014. Fugro has taken delivery of the second of the three Fugro Offshore Coastal Survey

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

InterMoor UK Completes 2,300 Accident-free Projects

InterMoor UK Operations, part of Acteon’s foundations and moorings business, says it has completed seven years and more than 2,300 projects without a single lost-time incident (LTI).

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.2552 sec (4 req/sec)