Signal International announced the successful completion of a sale of shares. The transaction was completed under Rule 144a of the Securities Exchange Act. Terms of the transaction were not disclosed.
Signal is a diversified marine construction firm engaged in the repair, upgrading and conversion of offshore oil and gas rigs as well as the construction and repair of civil and governmental marine transport. Signal operates six shipyards and employs approximately 3,000 people in Pascagoula, MS; Port Arthur, TX; Houston, TX; and Mobile, AL.
ACON Investments, LLC, a Washington, D.C.-based private investment firm, had purchased Signal from the bankruptcy estate of Friede Goldman in 2003 and will retain a minority ownership position in the firm. Over the past five years Signal has grown significantly, diversifying both its customer base and its business mix.
Signal's success has been spearheaded by its CEO, Richard Marler. Following this transaction, he will continue to lead the Company as both its CEO and now Chairman of the Board. Marler is an established marine construction executive with over 30 years experience in the industry. Marler sees continued growth for the Company. "Our markets remain strong and we are poised to take on additional work in both the energy and general heavy marine fabrication," he said. "ACON has been an outstanding partner and a driving force in ensuring we had the resources for growth."
"We are pleased with the institutional support of the offering and we will continue to work hard to bring value to our shareholders. The employees and management of Signal are proud of the recognition that our new investors have given Signal," Marler added.
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