Shelf Drilling Pulls IPO
Shelf Drilling announced Wednesday that it will not proceed with a planned initial public offering on the London Stock Exchange "due to challenging market conditions despite a positive response from prospective investors to the company, its strategy and operations".
Shelf had been looking to raise $500 million, part of which was to be used to repay part of a $350 million loan facility. The firm would have been the second Gulf-based oil services firm to float its shares on the London Stock Exchange this year after shares in Gulf Marine Services began trading on the exchange in March.
Shelf said that the outlook for its business continues to be positive, with a contracted order backlog of $3.4 billion as of May 27.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Shelf Drilling Selects Drydocks World for Major Repair to High Island IV (Oct 28)
- Shelf Drilling Pulls IPO (Jul 02)
- Shelf Clinches Contract from KrisEnergy to Drill in the Gulf of Thailand (Jun 24)