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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Middle East

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Captain, Officer of Containership Detained after Deadly Collision

The captain and first officer of a Kuwaiti container ship have been detained for four days after their ship collided with a fishing vessel in the Red Sea, killing 13 Egyptians,

Offshore Energy

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Underwater Engineering

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Lowrance Renews Insight Genesis College Cup

Lowrance®, a world-leading brand in fishing electronics since 1957— announced today the renewal of its Insight Genesis™ College Cup. In its second year, the

Japan Gains Edge in Australia Submarine Deal

Australia and Japan appear to be inching closer to an agreement on the sale the top-secret technology from Japan to build a fleet of new generation submarines.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1859 sec (5 req/sec)