Allis-Chalmers Announces Common Stock Offering
Allis-Chalmers Energy Inc. said Thursday that it intends to offer 2.5 million shares of its common stock in an underwritten public offering.
Allis-Chalmers plans to grant the underwriters a 30-day option to purchase up to an additional 375,000 shares to cover over-allotments, if any.
Allis-Chalmers plans to use the net proceeds of this offering to fund a portion of its previously announced pending acquisition of DLS Drilling Logistics and Services Corp.
RBC Capital Markets Corp. is serving as lead underwriter and sole book-running manager of the offering. The co-managers of the offering are A.G. Edwards & Sons, Inc. and Johnson Rice & Co. L.L.C.
Allis-Chalmers Energy Inc., headquartered in Houston, Texas, provides a variety of products and services to the oil and natural gas industry. Through its subsidiaries, the company is engaged in providing specialized equipment and operations to install casing and production tubing required to drill and complete oil and gas wells, directional and horizontal drilling services, compressed air drilling services, services to enhance production through the installation of small-diameter coiled tubing through which chemicals are injected into producing wells, workover services with coiled tubing units and the rental of specialized tools for drilling, and completing and workover operations. Allis-Chalmers operates in Texas, Louisiana, New Mexico, Colorado, Oklahoma, the Gulf of Mexico, and Mexico.
- Seawell, Allis-Chalmers Merger Finalized (Feb 24)
- Seawell to Acquire Allis-Chalmers for $890MM (Aug 13)
- Allis-Chalmers Sees 41% Increase in 2Q Revenues (Aug 03)
Company: DLS Drilling Logistics and Services Corp. more info
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