Dynamic Offshore Files for $400M IPO


Dynamic Offshore Resources Inc, a private oil and gas company, filed with regulators to raise up to $400 million in an initial public offering of its common stock. The company received backing in 2008 from the Carlyle Group and Riverstone Holdings.

REUTERS REPORT:

Aug 26 (Reuters) – Dynamic Offshore Resources Inc, a private oil and gas company, filed with regulators to raise up to $400 million in an initial public offering of its common stock.
In a filing with the U.S. Securities and Exchange Commission on Friday, the company said Citigroup, Credit Suisse, Deutsche Bank Securities, Tudor Pickering, Holt & Co and UBS Securities would be the underwriters to the offering.
The company, which focuses on the acquisition and development of oil and natural gas properties in the Gulf of Mexico, intends to use the proceeds to repay debt and for general corporate purposes.
The Houston, Texas-based company expects to list on the New York Stock Exchange under the symbol “DOR”.
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO can be different. (Reporting by Eileen Anupa Soreng in Bangalore; Editing by Sriraj Kalluvila)
(Created by Eileen Soreng)

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