Quintana Maritime Limited announced that FR X Offshore, L.P. sold 2,000,000 shares of Quintana's common stock and that Joseph R. Edwards
, who is affiliated with FR X Offshore, resigned from Quintana's board of directors. FR X Offshore, an affiliate of First Reserve Corporation
, is a private equity fund specializing in the energy industry.
Prior to the sale on May 17, which was conducted as a broker's transaction in compliance with Rule 144 under the Securities Act of 1933, as amended, First Reserve beneficially owned approximately 6.9% of Quintana's outstanding common stock through FR X Offshore. Following the sale, First Reserve beneficially owns approximately 3.2% of Quintana's outstanding common stock. In addition, First Reserve continues to participate in Quintana through its indirect investment in joint ventures with Quintana for the acquisition of several Capesize newbuildings.
Mr. Edwards also announced his resignation from Quintana's board of directors effective May 17, 2007. Stamatis Molaris, Quintana's President and Chief Executive Officer, said "On behalf of everyone at Quintana, I want to thank Mr. Edwards for his dedication and service to Quintana. We will miss his continued involvement on our Board, which continues to be well positioned for effective oversight and governance." "It has been a pleasure to have served on Quintana's board of directors for the past two years and to watch the Company grow through an initial public offering and the acquisition of nearly forty vessels," remarked Mr. Edwards. "I am grateful for the opportunity to have worked on behalf of the Company and all its shareholders. I believe the Board and the Company are in very good hands under the capable leadership of Corby Robertson, Jr. as Chairman and Stamatis Molaris as President and Chief Executive Officer, and I wish the Company continued success."