NauticAWT Launches IPO in Singapore to Raise $2M for Business Expansion
NauticAWT Ltd., a Singapore-headquartered firm offering subsurface, subsea and surface facilities engineering services and contracting solutions for the oil and gas industry, launched Tuesday an initial public offering (IPO) in connection with its proposed listing on the Catalist board of the Singapore Exchange Securities Trading Ltd. (SGX-ST).
The company -- which serves the segments covering subsurface and wells; subsea and surface facilities; and advanced material solutions -- plans to raise approximately $2.06 million (SGD 2.8 million) from the IPO. Proceeds from the IPO will be used for investment in capital equipment to further strengthen contracting services; expansion of business scope via investments, acquisitions and joint ventures; and general and corporate working capital purposes.
NauticaAWT will issue 28 million shares at $0.147 (SGD 0.20) each, comprising one million shares by way of public offer and 27 million shares by way of placement. The firm’s shares will be listed and traded on Catalist July 23.
The company, which has a business presence in Southeast Asia, Australasia, Middle East, Latin America and India, offers technical and commercial solutions for field exploration, field development and field refurbishments including design life extensions and production enhancement for ageing and mature oil and gas fields.
Its customers include Woodside, Chevron Australia, Sarawak Shell, Brunei Shell, PETRONAS Carigali, Santos, Talisman as well as major contractors such as Larsen and Toubro Hydrocarbon Engineering, Heerema Marine Contractors.
“Given the current oil price environment and with an increasing number of mature and ageing oil and gas fields, we believe that NauticAWT’s differentiated value proposition of providing production enhancement and sustainable well plugging solutions places the Group in good stead for continued growth,” John Gronbech, founder and CEO of NauticAWT, said in the press release.
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