French LNG Tankship Linings Maker Sets IPO Price

MarineLink.com
Wednesday, February 26, 2014
Image courtesy of GTT

Reuters –  Gaz Transport & Technigaz (GTT), a subsidiary of GDF Suez, Total and private equity fund Hellman & Friedman, said in a statement it had priced its IPO at 46 euros per share, valuing GTT at approximately 1.7 billion euros.

Earlier this month, GTT - the world's No. 1 maker of insulated hull linings for tankers that carry liquefied natural gas (LNG) - proposed an indicative price range of 41 to 50 euros per share that would have valued the company at between 1.52 billion and 1.86 billion euros, taking into account an overallotment option of 15 percent of shares offered.

GTT said in a statement the offering was a great success with international and French institutional investors as well as with retail investors in France.

Trading in GTT's shares will start on February 27.

Following the offering, and assuming full exercise of the over-allotment option, GDF Suez will hold 40.38 percent of GTT's share capital; Total and H&F respectively each 8.76 percent.

Gross proceeds of the offering are about 621 million euros, the company said.

GTT, based outside Paris, has 70 percent of the market for the high-tech alloy membranes that line the hulls of the world's LNG carriers. Its main customers are Korean and Chinese shipbuilders.

Source: Reuters

 

Maritime Today


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

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

People & Company News

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Greeks at Frontline of Migrant Crisis Angry at EU Critics

ABOARD THE AGIOS EFSTRATIOS, Aegean Sea, Feb 11: Greek Captain Argyris Frangoulis lifts his binoculars and with eyes fixed on the Aegean Sea horizon, steers his

Volvo Penta Debuts Innovative Glass Cockpit

The new generation of Glass Cockpit expands Volvo Penta’s collaboration with Garmin for an advanced monitoring and control system that makes boating easier. And its clever application,

Shipbuilding

Six New VLCCs Marks the Start of a Busy Delivery Year

2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO.

BAE Systems Awarded £201m to Advance Successor Sub Design

The U.K. Ministry of Defence (MoD) has awarded BAE Systems £201 million to further the design of a successor to the Royal Navy's Vanguard class submarines.   The

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

LNG

FSRU Golar Tundra Sold to Golar LNG Partners

Golar LNG Limited has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit (FSRU), to Golar LNG Partners LP for a sale price of $330 million.

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

GTT, DSME Partner for NO96 Max Development

GTT signs a cooperation agreement with Daewoo Shipbuilding & Marine Engineering aiming at the industrialization of its NO96 Max technology   GTT, a designer of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.0968 sec (10 req/sec)