Australia's CHAMP Drilling to List on London Bourse

MarineLink
Friday, March 07, 2014
File photo CCL3

Reuters –  Australia 's CHAMP Private Equity said it plans to bypass the local share market to list Shelf Drilling Ltd, the company it formed 16 months ago to run $1 billion worth of shallow water oil rigs, on the London Stock Exchange in May.

"We're in the process of moving for a listing of that business on the London Stock Exchange hopefully in mid-May," Nathaniel Childres , CHAMP managing director, told an Asian Venture Capital Journal conference on Friday.

Dubai -headquartered Shelf, which CHAMP set up in 2012 to buy 38 shallow-water drilling rigs from New York and Zurich -listed oil driller Transocean Ltd , had already produced "a very, very strong financial return", Childres said.

Childres did not give a reason for pursuing a listing in the U.K. instead of Australia and did not say how much Shelf hoped to raise via an initial public offer.

The planned float comes as private equity firms look to capitalise on an improvement in the market for initial public offerings.

"The equity market's definitely very strong at the moment and that's definitely putting a window around IPOs," Pacific Equity Partners Managing Director Tony Duthie told the conference.

Source: Reuters

 

Maritime Today


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

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

People & Company News

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Finance

ExxonMobil 1Q Profits Plunge 63%

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

Ocean Economy Set to Double in Size by 2030

The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the

Middle East

Great Lakes Inks M.E., N.C. Coastal Protection Project Deals

Great Lakes Announces $55 Million in Subcontract Work in the Middle East and Award of $38 Million for a Domestic Coastal Protection Project Great Lakes Dredge

Blacklisted Oil Tanker Returning to Libya

An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export

UK Navy Warship Escorts Queen Mary II

U.K. Royal Navy warship HMS Defender provided escort duties for transatlantic ocean liner RMS Queen Mary II through the Gulf of Oman. The Type 45 destroyer,

Offshore Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Ulstein Verft's First Wind Service Vessel Launched

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.

Incat Crowther Supplies Crewboat Design, Build Kits

Incat Crowther has been awarded a contract with shipbuilder Astinave EP of Guayaquil, Ecuador for the supply of vessel design services and aluminum component kits for a pair of 22.

Underwater Engineering

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

ACR to Debut Pathfinder PRO SART at OTC

An important addition to any commercial vessel’s survival gear kit, the Pathfinder PRO SART is introduced by ACR Electronics, Inc. at this year’s OTC. The new search

WILCO Logistics Bags Townsville Port Safety Works

WILCO Logistics Pty Ltd has been announced as the successful bid contractor on Breakwater safety works at the Port of Townsville.   Minister for Ports Mark Bailey said the overall $1.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1013 sec (10 req/sec)