Torch Offshore Announces Pricing of IPO

Torch Offshore, Inc. (NASDAQ: TORC), an offshore construction and pipelay company serving the oil and gas industry, announced today that the price of the initial public offering of 5 million shares of its common stock has been set at $16 per share. Torch Offshore's shares will trade on the NASDAQ Stock Market under the symbol "TORC".

The net proceeds of the offering are expected to be approximately $74.4 million. UBS Warburg LLC was the lead manager of the offering, and CIBC World Markets and Howard Weil, a division of Legg Mason Wood Walker, Inc., were co-managers. The company and certain of the company's stockholders have granted the underwriters an option to purchase up to an additional 750,000 shares to cover any over-allotments.

Established in 1978, Torch Offshore, Inc., currently operates a fleet of vessels engaged in offshore pipeline installation and subsea construction for the oil and gas industry. Torch intends to expand beyond its established shallow water niche market in order to serve the industry's growing needs in the deeper waters of the Gulf of Mexico.

This news release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Torch Offshore, nor will there be any sale of any such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus relating to the offering may be obtained from UBS Warburg, LLC, Prospectus Department, 299 Park Avenue, New York, NY 10171.


Our Privacy Pledge

Most Popular Articles
Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours