Links
Trico Makes $810 million Bid for DeepOcean
Last week Trico, which only relisted in 2005 after undergoing a restructuring, announced the acquisition of 51.5% of Oslo listed DeepOcean and the intent to offer NOK32 per share for all remaining shares, valuing the company at $810 million. The offer price represents a 28% premium to DeepOcean’s May 15 closing price of NOK 25 per share, an amount that can be taken as a sign of strong interest by Trico in making a complete acquisition. Correspondingly DeepOcean’s management and board have recommended the offer to their shareholders.
Transaction Report
It was great news for the equity markets this week when Safe Bulkers got out its Merrill Lynch and Credit Suisse- led IPO. While the deal did price $1.00 below its $20-$22 target range, it’s been so long since we’ve seen any shipping IPOs that the very fact of a new deal getting done is a good sign. But the real interest this week was in the oil market, and Marine Money could not have asked for a better time to host its 10th annual Norway Ship & Offshore Finance Forum. The gathering was full of those hearty souls that will shape the next generation of oil production and discovery, financing and building machines to pull oil out of 12,000 feet of water, through thousands of miles of crusted salt, and anywhere else it can be found. The gathering formed the epicenter of the activity that is the focus of the better part of the world’s citizens.
The Official Guide To Marine Finance Providers
Shipping Index
