Shelf Drilling tries to shake off IPO fail
Shelf Drilling yesterday said it would push on and grow the business without public shareholder support after scrapping plans to float in London.
The Dubai-based company, co-owned by private equity backers Champ, Lime Rock Partners and Castle Harlan, decided to pull plans to raise over $500m (£297m) after a tepid response, City PM revealed yesterday. Yesterday it confirmed “challenging public market conditions” were to blame for the IPO failure.
Morgan Stanley and Goldman Sachs had co-ordinated the offering with HSBC Bank and RBC Capital Markets joint bookrunners and Tudor, Pickering, Holt & Co and Liberum as co-leads.
“The outlook for Shelf Drilling’s business continues to be positive,” the firm said in a statement. “The management team will continue to drive sustainable, profitable growth focusing on its proven fit-for-purpose strategy.”