Havyard Group – Launch Of IPO & Prospectus Publication

By Joseph R. Fonseca
Saturday, June 14, 2014
Courtesy Havyard Group

 

Havyard Group ASA submitted an updated application for listing of its shares on Oslo Børs, alternatively Oslo Axess, on 6 June 2014. It is expected that the stock exchange will consider the application in a meeting of its board of directors on 18 June 2014. Subject to approval of the application and compliance with the listing criteria, the first day of trading is expected to be 26 June 2014.

Havyard Group has gone through a significant growth and has established itself as one of the key providers of maritime technologies, with focus on advanced vessels and associated technologies for the oil service, fishing and aquaculture businesses. A listing of the Company’s shares will strengthen the opportunities for further growth and development.

In order to establish a new ownership structure, there will be a public offering (the "Offering") of the Company's shares whereby investors are invited to purchase shares from the Company's largest shareholder, Havila Holding AS, which currently holds about 82.1 % of the Company's shares. In the Offering, a minimum of 4,200,000 and a maximum of 6,250,000 shares (the "Offer Shares") will be offered at a fixed price of NOK 36. This implies a value of the Company of NOK 811 million and gross proceeds to Havila Holding AS of NOK 151 – 225 million. In addition, pursuant to an over-allotment facility, the managers of the Offering (the "Managers") may elect to over-allot up to 420,000 shares to be provided through a share lending arrangement with the Managers.

In connection with the Offering and the listing of the Company's shares, a prospectus has been prepared and approved by the Norwegian Financial Surveillance Authority (Finanstilsynet) on 10 June 2014. Subject to regulatory restrictions in certain jurisdictions, the prospectus is available at the web pages of the Company (www.havyard.com) and from the managers Fearnley Securities (www.fearnleysecurities.no) and Arctic Securities (www.arcticsec.no).

As further detailed in the prospectus, the Offering will consist of two tranches:
(i) an institutional offering, in which Offer Shares are being offered to investors subject to a lower limit per application of NOK 1,000,000; and
(ii) a retail offering, in which Offer Shares are being offered to the public in Norway subject to a lower limit per application of an amount of NOK 10,800, and an upper limit per application of an amount of NOK 999,999 for each investor. Each investor being allocated shares in the retail offering will receive a discount of NOK 1,500 on its aggregate amount payable for the Offer Shares allocated to such investor.

The application period for both tranches will be from 12 June 2014 at 09:00 hours (CET) until 16:00 hours (CET) on 19 June 2014. The application period might be extended, but no longer than to 24 June 2014, subject to the announcement thereof on the notification system of Oslo Børs.

The final number of Offer Shares to be allocated will be determined by the board of directors of Havila Holding AS in consultation with the Managers, after completion of the application period.

Completion of the Offering is conditional upon (i) full application for the minimum amount of the Offering, (ii) sufficient number of applications being received to qualify for the admission to listing on Oslo Børs or Oslo Axess, (iii) consent being granted by lenders to Havila Holding AS as the selling shareholder, to release the Offer Shares (which are pledged in favour of such lenders), such consent currently expected to be granted by the relevant bank and bondholders no later than 20 June 2014; and (iv) approval of listing application by the board of directors of Oslo Børs, such approval expected to be granted on 18 June 2014.


 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Subsea 7 Bags $150 million Offshore UK Contract Maersk

Offshore contractor Subsea 7 has been awarded a $150 million subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the development of the Culzean field in the UK North Sea.

SMOE Wins $1bln Multi-platform Culzean Contract

Singapore's offshore services provider Sembcorp Marine has won an engineering, procurement and construction (EPC) contract worth over USD1 billion for the Culzean

SHIPPINGInsight to Focus on Ship Telematics

The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn.

Shipbuilding

China Shipping Line to Buy 10 Vessels

China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ.

Subsea 7 Bags $150 million Offshore UK Contract Maersk

Offshore contractor Subsea 7 has been awarded a $150 million subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the development of the Culzean field in the UK North Sea.

Huntington Ingalls Cites Interest in Building US Icebreakers

Huntington Ingalls Industries Inc, which builds aircraft carriers and U.S. Navy warships, on Tuesday said it was keen to bid to build new icebreakers for the U.

Ship Repair & Conversion

China’s Shipyards Face Tough Times

As the shipping market continues its prolonged downturn five shipyards have filed for bankruptcy this year, reports SCMP.   China's leading private shipyards

Ferguson to Build Two CalMac Ferries

Scottish minister Nicola Sturgeon have named Ferguson shipyard as the preferred bidder for a £97 million contract for the biggest new ferries on the Clyde since

Private Ship Repair Moves Dry Dock Timelines

A delay in private repairs to the hospital ship Africa Mercy has caused a two-and-a-half week adjustment of timelines for Transnet National Ports Authority’s R30

Finance

China Shipping Line to Buy 10 Vessels

China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ.

Cosco CSCL Merger Talks Continue

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media.   According to JoC, the Chinese

CMA CGM's Profits Jump 67% in Q2

French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier.

Energy

Euronav Acquires $ 750 mi Facility

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB

NewLead's MT Nepheli Update

NewLead Holdings Ltd.announced today a review of the commercial performance of one of its bitumen tanker vessels, the MT Nepheli since the vessel was delivered to NewLead's fleet.

Nigeria Ramps up Push to Eradicate Oil Theft

Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities,

News

Cosco CSCL Merger Talks Continue

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media.   According to JoC, the Chinese

CMA CGM's Profits Jump 67% in Q2

French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier.

CMES Establishes Subsidiary for Valemax

China Merchants Energy Shipping Co., Ltd (CMES), the dry and wet bulk arm of state conglomerate China Merchants Holdings (International) Company Limited, has set

Marine Equipment

Subsea 7 Bags $150 million Offshore UK Contract Maersk

Offshore contractor Subsea 7 has been awarded a $150 million subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the development of the Culzean field in the UK North Sea.

SMOE Wins $1bln Multi-platform Culzean Contract

Singapore's offshore services provider Sembcorp Marine has won an engineering, procurement and construction (EPC) contract worth over USD1 billion for the Culzean

SHIPPINGInsight to Focus on Ship Telematics

The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn.

Marine Science

Obama Pushes for US Icebreakers

President Barack Obama on Tuesday proposed a faster timetable for buying a new heavy icebreaker for the U.S. Arctic, where quickly melting sea ice has spurred more

Shipboard Waste Heat Recovery Technology

Calnetix Technologies, LLC has published a White Paper describing new processes for producing supplemental power for a ship’s electrical load. The White Paper,

Hurricane Fred Strengthens in Eastern Atlantic

Hurricane Fred strengthened early Monday in the eastern Atlantic as it approached the Cape Verde Islands, while the remnants of Tropical Storm Erika brought flooding to parts of South Carolina,

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.3722 sec (3 req/sec)