Markets Inc News

Offshore drilling contractor Borr Drilling has launched the initial public offering (IPO) in the United States of 5 million of its common shares on July 29.The drilling company that operates 27 rigs said that the offering of common shares on the New York Stock Exchange is at prices it expects to be ‘substantially similar’ to its share price on the Oslo Bors.The IPO price will be determined based on the book-building process and the closing price of its shares on the Oslo Børs on the pricing date of the offering. The offering will not be conducted as a rights offering and no repair offer will be made as the existing shareholders of the company do not have any pre-emptive rights.NYSE approved the company to list under the ticker symbol BORR.

SEACOR Marine Holdings, the provider of marine and support transportation services to offshore oil, has announced the acquisition of UP Offshore (Bahamas)  by a new joint venture company that is 49% owned by a subsidiary of SEACOR Marine and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME.UP Offshore is a leading provider of offshore support vessel services to the energy industry in Brazil, the largest regional market in Latin America, said a press release.Of UP Offshore’s 14 vessel fleet, 12 vessels are located in Brazil and registered under the Brazilian flag. Nine are platform supply vessels, four are ROV…

Nordic American Tankers (NAT) announced an underwritten public offering of $100 million of its common shares pursuant to the Company’s effective shelf registration statement. At the Company’s request, the underwriters have reserved for sale an aggregate of approximately $1.2 million of its common shares for certain members of the Company’s board of directors, management and advisors, which includes approximately $1.0 million to be purchased by the Company’s Chairman and Chief Executive Officer and his immediate family. The Company also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the offering. On December 1, 2017 NAT established a sale/leaseback arrangement for the three newbuilds to be delivered in 2018.

Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million. The proceeds could be slightly in excess of $50 million, provided the over-allotment option is wholly or partly exercised (maximum about $7 million). Following the offering, the Company has 60,686,847 common shares outstanding as against 20,686,847 shares before the offering. NAO Executive Chairman, Herbjorn Hansson said: ""Going forward, this successful offering has as an objective to continue the growth process of NAO of top modern PSVs, servicing the oil industry, above all in the UK and Norwegian sector of the North Sea.

Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement. Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as joint bookrunning managers for the offering. The Company also intends to grant the underwriters a 30-day option to purchase 5,000,000 additional common shares. At the Company’s request, the underwriters have reserved common shares to the Company’s largest shareholder and certain members of the Company’s management and certain Company directors and advisors. These include Marianne Lie, Exe23.02cutive Vice Chair and board member, Turid M. Sørensen, Chief Financial Officer, Paul J.

FreeSeas Inc.  announced that on September 26, 2016, it sold to unrelated third parties the M/V ‘Free Maverick’, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a sale price of $1,925,000. The vessel’s mortgage has now been discharged. FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. It is is a Greece-based transporter of dry-bulk cargoes through the ownership and operation of two Handysize vessels and an owner of a controlling stake in a company commercially operating tankers.    Currently, the Company operates two Handysize vessels. FreeSeas' common stock trades on the OTCQB Market run by OTC Markets Inc.

Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 11,000,000 common shares pursuant to the Company's effective shelf registration statement. At the Company's request, the underwriters have reserved for sale an aggregate of 534,000 common shares to all the members of the Company's board of directors, certain members of the Company's management and all NAT advisors. The 534,000 common shares include approximately 100,000 shares to be purchased by the Company's Chairman and Chief Executive Officer and 400,000 shares to be purchased by the Company's Vice Chairman. Furthermore, during the period August 17 - 22…

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation S under the U.S. Securities Act, and the transaction marks UASC’s debut financing in the debt capital markets. The EMTCs received a (private) Investment Grade rating by Fitch Ratings Ltd and Kroll Bond Rating Agency and the proceeds were ultimately used to finance the debt portion of two 2012-built 13…

Ensco plc announced today that it has commenced a cash tender offer to purchase any and all of its outstanding 3.25% Senior Notes due 2016 (CUSIP No. 29358QAB5). The tender offer is being made pursuant to an Offer to Purchase dated today and a related Letter of Transmittal and Notice of Guaranteed Delivery, which set forth the terms and conditions of the tender offer. As of March 4, 2015, the aggregate principal amount of the notes outstanding is $1.0 billion. The consideration for each $1,000 principal amount of notes validly tendered and accepted for payment pursuant to the tender offer will be determined in the manner described in the Offer to Purchase by reference to a fixed spread of 20 bps over the yield based on the bid side price of the 0.375% U.S.

MSHIPCO has engaged Global Capital Markets Inc. (GCMI), a middle market M&A investment bank with global reach to advise on corporate strategic options including sale, licensing or other transactions. As creator of the M80 Stiletto, which employs MSHIPCO’s proprietary M-hull technology, MSHIPCO’s designs have redefined naval military movement on the water, the company said. By applying creative design to physical science, its Rapid Empirical Innovation (REI) platform abbreviates…

Euronav NV announced today the upsizing and pricing of its initial public offering in the United States. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12.25 for gross base proceeds of USD 199,185,000. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares. The Company’s ordinary shares offered in the United States are expected to commence trading on the New York Stock Exchange (the “NYSE”) today under the ticker symbol “EURN.”  This offering is expected to close on January 28, 2015, subject to the satisfaction of customary closing conditions.

Euronav NV announced the commencement of its underwritten initial public offering in the United States of 13,550,000 ordinary shares. The company will grant the underwriters a 30-day option to purchase additional ordinary shares representing up to 15% of the offered shares. On January 19, 2015 the closing price of the company’s ordinary shares on Euronext Brussels was $12.94 per share (based upon the Bloomberg Composite Rate of EUR 0.8604 per $1.00 USD in effect on that date). The company has been approved to list its ordinary shares on the New York Stock Exchange (NYSE) under the symbol EURN.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., DNB Markets, Inc., Goldman, Sachs & Co., HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are acting as joint book-running managers in connection with the offering. The final prospectus supplement and related prospectus for this offering may be obtained on the Securities and Exchange Commission’s website at www.sec.gov or from underwriter representatives.

Höegh LNG Partners LP  a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd., announced today the pricing of its initial public offering of 9,600,000 common units representing limited partner interests in the Partnership at $20.00 per unit. The Partnership has also granted the underwriters a 30-day option to purchase up to 1,440,000 additional common units. The common units being offered represent a 36.5% limited partner interest in the Partnership, or a 42.0% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Höegh LNG Holdings Ltd. will own the Partnership's general partner and the remaining limited partner interest.

Nordic American Offshore Ltd. additional 882,352 common shares. The sale of these common shares isexpected to close on June 26, 2014. After the exercise of the overallotment option, there are 23,431,370 shares in issue in NAO. The total capital inflow into NAO from the Initial Public Offering and the exercise of the overallotment is in total about $100m. The company intends to use the net proceeds of this offering for acquisitions and general corporate purposes, including working capital. Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are acting as joint book-running managers. In addition, Global Hunter Securities, LLC is acting as a co-manager for the initial public offering.

Greece's Safe Bulkers, Inc. has set the price of its public offering offering of shares. The Company says it plans to use the net proceeds of the public offering to fund its newbuilding program and for other general corporate purposes, which may include repayment of indebtedness. The public offering of 2,800,000 shares of its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series D Preferred Shares”) was priced at $25.00 per share. SafeBulkers add that the gross proceeds from the Public Offering before the underwriting discount and other offering expenses are expected to be approximately $70 million. The offering is expected to close on or about June 30, 2014, subject to customary closing conditions.

Nordic American Offshore Ltd. says it has priced its initial public offering of 5,882,352 common shares at $16.00 per share. The Company adds that it has granted the underwriters a 30-day option to purchase up to 882,352 additional common shares to cover over-allotments. The net proceeds from this offering will be approximately $86,970,574. If the option granted to the underwriters to purchase additional common shares to cover over-allotments is exercised in full this would increase the net proceeds by approximately $13,270,574. The Company explains that it intends to use the net proceeds to purchase two newbuilding platform supply vessels ("PSVs") and for other acquisitions and general corporate purposes, including working capital.

GasLog Partners LP, an international owner, operator and manager of LNG carriers, today announced the closing of its initial public offering of 9,660,000 common units representing limited partner interests (the “common units”), including 1,260,000 common units issued upon the exercise in full by the underwriters of their option to purchase additional units. The public offering price was $21.00 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, were approximately $186 million. The proceeds from the offering were used principally to reduce indebtedness and for general partnership purposes, with the remainder distributed to GasLog Ltd. (“GasLog”) (NYSE:GLOG).

LNG carrier owners and operators, GasLog Partners LP, inform it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit. The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014. The underwriters have a 30-day option to purchase up to 1,260,000 additional common units from the MLP at the initial public offering price. GasLog will retain 1,422,358 of the MLP’s common units if the underwriters’ option to purchase additional common units is not exercised or will retain 162…

Nordic American Tankers Limited inform that, in connection with its previous public offering of 8,125,000 common shares at a public offering price of $8.00 per share, the underwriters have exercised a portion of the option granted to them by the Company and will purchase an additional 1,018,750 common shares on the same terms. As previously announced, the NAT intends to use the net proceeds of this offering primarily to finance its investment in Nordic American Offshore Ltd. The Company expects to close the sale of these additional common shares on or about December 11, 2013, subject to customary closing conditions. Following the closing…

Nordic American Tankers Ltd. announced the pricing of its previously announced underwritten public offering. The company agreed to sell 8,125,000 common shares at a public offering price of $8 per share. The common shares are being offered pursuant to the company's effective shelf registration statement. The company's Chairman and Chief Executive Officer, Mr. Herbjorn Hansson is expected to purchase 250,000 common shares in the offering on the same terms as other investors. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets Inc. and Pareto Securities Inc. are acting as co-managers of the offering. The company has granted the underwriters a 30-day option to purchase up to an additional 1,218,750 common shares.

US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs. Upon completion of the offering, ISH intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange. Incapital LLC, DNB Markets, Inc., Sterne, Agee & Leach, Inc., Regions Securities LLC and Euro Pacific Capital Inc. will underwrite the offering.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share at a price of $25.00 per share. The company also announced the closing of its previously announced private placement of 800,000 shares of its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, were $40,000,000.