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Consider good news?
Sevan Drilling fully subscribed although at the lower end of a reduced price range. Parant Sevan Marine AS now only retains 10% instead of 20% share.
This will mean that they are one step closer to signing a formal contract with Cosco for the two units of Sevan Drillers, for which an LOI was entered last month.
UPDATE 1-Sevan Drilling IPO fully subscribed at NOK 12/share
Fri Apr 15, 2011 4:08pm GMT
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* IPO at low end of range to generate $350 million-plus
* Secondary offering at same time to give parent $100 mln
OSLO, April 15 (Reuters) - Norwegian oil services firm Sevan Marine (SEVAN.OL: Quote) said on Friday the initial public offering of its Sevan Drilling unit was fully subscribed at 12 crowns per share, raising more than $350 million for the spin-off.
The price was at the low end of the 12- to 14-crown price range that Sevan Marine had indicated on Thursday after lowering the range from a previously indicated 16 to 21 crowns.
Sevan Marine also said that it aimed to raise " at least $100 million" in a secondary sale of its existing shares in the Sevan Drilling unit.
In its news release after the close of the Oslo Stock Exchange the company did not say exactly how many shares would be issued in the IPO or in the secondary offering.
On Thursday it said the IPO would consist of 137.5 to 160.4 million new shares to be offered by Sevan Drilling and that the secondary offering would consist of up to 73 million of Sevan Marine's 96 million shares in the drilling company.
That was a substantial increase in the number of shares previously offered, and could leave Sevan Marine with an ownership stake in the new company of about 10 percent rather than the 20 percent that it initially said it foresaw.
Sevan Marine shares closed up 3 percent on Friday at 5.13 crowns while the main index on the oil-heavy Oslo bourse was down 0.4 percent.
The company also said it had decided to extend the application period for its institutional offering by a half hour, from 1530 GMT to 1600 GMT on Friday.
Sevan Marine and its drilling subsidiary have engaged Pareto Securities as global coordinator for the transactions.
Pareto along with ABG Sundal Collier, Arctic Securities, First Securities, ING and SEB Enskilda are joint lead managers and joint bookrunners.
(Editing by David Cowell)
© Thomson Reuters 2011 All rights reserved
cosco is posting 1st quarter results soon. Either next week or the week after, I guess. Expecting gd results.
That's from a chartist point of view... but I beg to differ. I think the current ceiling is due to uncertainties in whether the Sevan Drilling V and VI IPO can be launched successfully, to generate enough cash for Sevan to pay for the downpayment of the recent LOI for 2 x Sevan drillers. If it takes off, I'm pretty confident there's further upside to this counter...
Time for this counter to have a breather. Upward momentum losing steam.
I will accumulate at 2.16-2.17. Just my views.
Looks like 1 last push to $2.40+ in this week for short term.
Just cover back short... Breakeven.... Need to short NOL.. lol
Yes very quiet low in volume so time to short?
So quiet? Storm coming?
ha ha.... i like to eat fried chicken !
Isolator ( Date: 21-Apr-2011 11:08) Posted:
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The successful IPO of Sevan Drilling is certainly positive
for Cosco but if the deal fell through, it should not change our
optimism on Cosco as the forerunner of offshore contracts in
China. Any short term pullback on such noises provides buying
opportunity into Cosco for long-term gain. Maintain BUY on
Cosco and TP of S$3.16.
for Cosco but if the deal fell through, it should not change our
optimism on Cosco as the forerunner of offshore contracts in
China. Any short term pullback on such noises provides buying
opportunity into Cosco for long-term gain. Maintain BUY on
Cosco and TP of S$3.16.
I prefer to drink essence of chicken... lol
wow....
frog in essence of chicken !
Isolator ( Date: 21-Apr-2011 10:52) Posted:
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$3.0 is not a dream!
be careful you are the frog which stay inside warm water pot.
when you find the water hot, it is too late.
maybe you have the stop loss, hope so!
Peg_li ( Date: 21-Apr-2011 10:49) Posted:
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Already covered previuosly.... Now 2.33, 2.34 and Maybe 2.39 enduring...... Determine to breakthru....to go down to 2.3.. lol
better to short 2.4 lah.
Isolator ( Date: 21-Apr-2011 10:33) Posted:
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Coscorp rebounce from previous bottom 1.81 until now, every day just a few cents up. never more than 10 cents up within one day.but it still keep strong uptread.
大 炮 ， you should be very careful.
do you know" 温 水 煮 青 蛙 " ?
be careful you are the frog.
Peg_li ( Date: 21-Apr-2011 10:44) Posted:
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If remeber corretcly, you shorted at $2.29,$2.34
any other price you shorted?
all wait for $2.4 cover back?
这 次 ， 你 这 大 炮 哑 火 了 ！
Isolator ( Date: 21-Apr-2011 10:40) Posted:
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No大 炮 ... my stop is at 2.40...... Lost mean lost... cannot be stubborn with money... lol
Are you ok?
大 炮 王 ？
kidding!
hahaha!
Isolator ( Date: 21-Apr-2011 10:33) Posted:
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So scary... clear 2.39 and I will pack bag... lol...