Horizon Offshore Announces Public Offering
Horizon Offshore, Inc. on Friday announced the previous day’s pricing of its public offering of 8.5 million shares of its common stock at $20.53 per share.
The company is selling 2 million shares of common stock, and the remaining 6.5 million shares are being sold by the selling stockholders who acquired shares in connection with Horizon’s recapitalization. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares of common stock to cover over-allotments, if any.
Horizon plans to use the net proceeds from the offering to repay debt and for general corporate purposes, including funding of capital expenditures and working capital requirements. It will not receive any of the proceeds from the sale of the common stock by the selling stockholders.
Horizon and its subsidiaries provide marine construction services for the offshore oil and gas industry. The company’s fleet is used to perform a wide range of marine construction activities, including installation and repair of marine pipelines to transport oil and gas and other sub-sea production systems, and the installation and abandonment of production platforms.