Sea Trucks Group raises US$200 millionCompany News // February 1, 2011
Sea Trucks Group, one of the largest and fastest growing oil and gas contractors in West Africa, has announces that it has successfully priced an offering of secured pre-QPO guaranteed convertible bonds raising US$ 200 million. The offering was over-subscribed.
The net proceeds of the offering will be used by Sea Trucks in part to finance a portion of its capital expenditure programme and for general corporate purposes. In particular, the proceeds will be used to expand Sea Trucks’ fleet from four multi-segment DP3 vessels to seven; three DP3 vessels are currently under construction for delivery over the next two years.
The bonds were offered to institutional investors only and an application has been made for the admission of the bonds to the official list of the Singapore Stock Exchange.
In the event of a Qualified Public Offering the Bonds will, subject to bondholders electing to take cash, be automatically converted into QPO shares. Barclays Capital acted as as sole bookrunner of the offering.
Jacques Roomans, President and CEO of Sea Trucks, said: “I am very pleased to have completed this financing, which will enable us to push on with this phase of the expansion of our DP3 fleet."
"Jascon 34, one of our leading DP3 vessels, was delivered in July 2010 and we will imminently launch Jascon 31, with two more vessels due over the next couple of years. We are seeing a strong increase in oil and gas activity in West Africa and internationally and we are very well placed to take advantage of our customers’ increasing spend and workload."