COSL鈥檚 share placement untimely
Print Edition
China Oilfield Services Ltd plans to raise HK$5.8 billion (US$748 million) via a private share placement to fund expansion but an analyst cautioned it may not be the time to add capacity in the global rig market.
COSL, a unit of offshore oil and gas giant CNOOC, said on late Tuesday that it will issue 2.76 million new Hong Kong shares, at HK$21.30 each, representing a 9.6 percent discount to the average closing price over the last 10 trading days.
COSL expects a net proceed of HK$5.8 billion after deducting commission and expenses of the placement, and they will be used for “general corporate purposes.”
The placement is set to complete next Wednesday.
Neil Beveridge, senior analyst at Sanford C. Bernstein, expected COSL to use the majority of the proceeds to purchase new capacity. The share placement is a “well timed move in the equity market but less so in the international rig market.”
He said COSL is adding capacity to the international rig market at a time when the outlook for offshore drillers is becoming less attractive.
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