Signal International Completes Share Offering
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.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension