Floatel International Ltd. announces that it has successfully completed the Initial Public Offering (the Offering) of NOK 290.5 million (approx. USD 49 million) and resolved to allocate and issue 21,000,000 shares, each with a par value USD 0.02.
The Offering comprised an institutional offering, in which shares were offered to institutional and professional investors in Norway and internationally and a retail offering directed to the public in Norway.
The subscription price is NOK 14.00 per share which was determined through a book-building process in the institutional offering. Each subscriber in the retail offering will receive a discount of NOK 2,500.
Approx 1,500 investors subscribed and were allotted shares in the Offering.
The Offering is scheduled for settlement on or about 25 November 2010 and the shares will be issued on or about 1 December 2010.
Completion of the Offering is subject to certain conditions as further described in the Prospectus dated 8 November 2010, hereunder admission to listing and fulfillment of the conditions for listing of the shares on Oslo Børs (or alternatively Oslo Axess). First day of listing is expected to be on or about 1 December 2010.
First Securities AS and Pareto Securities AS acted as Joint Lead Managers and Book-runners.
Floatel International Ltd. was established in 2006 by its board of directors and senior management team to satisfy a market demand for a new generation of offshore floatels. The vision of the Company is to own and operate the most modern, safe and reliable floatel fleet in the world to meet the increased market demand.
The Company has two DP semi-submersible accommodation vessels from Keppel FELS Shipyard in Singapore. The first vessel “Floatel Superior” was delivered on March 18, 2010, 43 days ahead of schedule and commenced first charter immediately on delivery. The second vessel “Floatel Reliance” was delivered on October 29, 2010, 63 days ahead of schedule and under transit to Brazil where she will commence her five year charter contract for Petrobras.
Source: Floatel, November 19, 2010;