Maritime Industrial Services Lists on the Norwegian OTC Market
Maritime Industrial Services Co. Ltd. Inc.(MIS) has successfully closed a Norwegian Kroner (NOK) 506 million (approximately US $76 million) share issue and sale of shares, and is listed on the Norwegian Over the Counter (OTC) market. MIS is currently trading under the symbol "MISC" and its ISIN number is PAP 64462103.
The transaction was managed by Pareto Securities ASA of Norway who are also acting as the primary broker in Norway for share trading.
The MIS transaction consisted of a share issue of NOK 380 million (US $57 million) and sale of shares from existing shareholders of NOK 126 million (US $19 million). The placement and the sale of shares were done in one transaction to private and institutional investors from Norway, USA, UK, U.A.E and Saudi Arabia.
The interest for the company was strong and the transaction was oversubscribed.
The issue price per share for the placement was NOK 22 (US $3.3) valuing the company post transaction at approx NOK 1 billion (US $151 million).
The transaction proceeds will be used to fund MIS's expansion into newbuild jackup rigs. The company is currently building two Super M2 300ft jack ups for Mosvold Jackup ASA and anticipate receiving orders to deliver a further 5 jackups within 2010.
Based on the new jackup orders and a record level of traditional works, MIS also announced on October 31, 2006 that net earnings for the third quarter were $4.0 million compared to $1.7 million in 2005, and that nine-month earnings were a record $15.2 million compared to same period earnings in 2005 of $ 4.9 million.
Jerry Smith, Managing Director of MIS stated that, "MIS earnings through three quarters is a record and an indication of our potential for growth after entering into the new building market for offshore jackup drilling rigs. Supported by a very strong market for traditional work, MIS expects to achieve or surpass its estimates for this fiscal year and anticipates another record earnings year in 2007. MIS is very pleased to achieve the status of a public listed company on the Norwegian OTC and is looking forward to listing on the Oslo Stock Exchange in the first half of 2007".
MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approx. 3,000 employees. The company was founded in 1979 and has 27 years of profitable operating history. MIS provides integrated onshore and offshore engineering, procurement, fabrication, maintenance, construction, Jack Up Rig dockings and refurbishment and shipyard services including oil, gas and petrochemical processing equipment, marine, structural and new-build offshore jackup drilling rigs, site installation, construction, commissioning and shipyard services, professional, technical, operational and safety services.
- MIS Wins Refurbishment Contract for Al Bzoom Jackup (Mar 02)
- MIS Receives Delivery Milestone Payment for SeaWolf Onome (Jul 21)
- Petrofac Awards Manufacturing Gig for El Merk Project to MIS (Jun 01)