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

Offshore

Brazil to Hold Next Oil Rights Auction in 2015

Brazil will hold the 13th round of its oil rights auctions in the first half of next year, a senior mines and energy ministry official said on Monday. Marco Antonio Martins,

Swissco Acquires Its First Liftboat

New asset expands and diversifies fleet offerings, enhancing the group’s value proposition to oil and gas majors as a comprehensive marine services provider; liftboatoat

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics 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: 0.1182 sec (8 req/sec)