Seacor Smit Drilling Unit Chiles Offshore Files IPO

Friday, June 16, 2000
Chiles Offshore LLC, the 55-percent owned unit of offshore oil exploration company Seacor Smit Inc., has filed for an initial public offering of 8 million common shares in a range of $17-$19 each. Chiles owns and operates ultra-premium jack-up drilling rigs -- mobile offshore drilling platforms with legs that lower to the ocean floor to support the platform while drilling. Ultra-premium rigs differ from other drilling rigs because of their greater depth capabilities and more powerful mud pumps that speed up well drilling. According to papers filed with the Securities and Exchange Commission, the Houston-based firm has applied for an American Stock Exchange listing. A ticker symbol will be disclosed later. The company predicted it will net about $135 million in proceeds from the share sale, which it plans to use to purchase or retire all of its currently outstanding senior notes. Chiles, which operates three of the seven ultra-premium drilling rigs in the Gulf of Mexico, also plans to use some of the money to fund a fleet expansion and for other general corporate purposes. Credit Suisse First Boston and Salomon Smith Barney are the joint lead managers, with support from Prudential Securities and Wasserstein Perella Securities. They have an option to buy 1.2 million more shares if there is heavy investor demand.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Kruszewski Joins Braemar Engineering

Braemar Engineering, the specialist maritime engineering consultancy, today announced the appointment of Chis Kruszewski to the role of Senior Electrical Engineer in its Offshore,

RigNet Partners Inmarsat to Offer Fleet Xpress

RigNet, Inc., a global provider of remote managed offshore communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry,

Italy's Eni Arrives Arctic as Shell Departs

As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the Guardian.


Tuco Debuts New Dive and ROV Support Boats

Denmark’s Tuco Marine has revealed its new dive support and ROV Support boat designs. The two new vessels complement the designer’s range of ProZero workboats and

SubM Debut Now Set for February 2016

Outsourcing, E-Solutions Help Mariners “Say What You Mean, Mean What You Say, and Prove it.” The perennial “Year of Subchapter M” has been kicked forward again, this time to February 2016.

Regulations for Singapore's Kusu Pilgrimage Season

The 2015 Kusu Pilgrimage season will commence on 13 October 2015 and end on 11 November 2015. During this period, many ferries and harbour craft carrying

Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Sonar Winch
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: 0.1443 sec (7 req/sec)