merrill-raises-mbo-finance-for-drillship-operator

Merrill raises MBO finance for drill-ship operator

The management of Neptune Marine pays $185 million to boost its stake from 11% to 55% in a matter of weeks.
April 03, 2007
The chief executive and other members of management at Neptune Marine Oil Gas have bought control of the drill-ship owner and operator. The move has sent the share price sharply higher to the benefit of minority shareholders û most of whom decided not to sell into the offer.

The company, which bought its first ship in April 2005, is based in Singapore where many of its potential customers are also located and the shipyards have the speed and flexibility required to carry out its business strategy. However, the company is registered in Cyprus, run by a team of Norwegians and listed on the over-the-counter exchange in Oslo.

The $185 million needed to increase the managementÆs...
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