The Luxembourg and Rio de Janeiro-based offshore contractor on Friday says it intends to price 27.5 million shares in the range of $19.00 to $21.00 a piece.
At the midpoint of the proposed target, researchers from Renaissance Capital note the company would command a fully diluted market value of $3.4bn.
In an amended prospectus filed with the US Securities Exchange, QGOG noted underwriters will be given an option to pick up another 4.125 million shares.
As TradeWinds has reported, QGOG is led by chief executive Leduvy Gouvea and booked $747m in sales for the 12 months ended 30 September 2012.
It says proceeds from the IPO will be used to cover down payments on a pair of ultra-deepwater drillships, general corporate expenditures and what it described as “new and existing projects”.
When the flotation was first announced earlier this month, JP Morgan, Bank of America Merrill Lynch and Itau BBA were identified as as global coordinators while Credit Suisse and Bradesco BBI were listed as joint bookrunners.
Today, the list of co-managers in the revised prospectus also included Jefferies, DNB Markets, Banco do Brasil Securities, BNP Paribas and ING.
QGOG made TradeWinds headlines late last year when it exercised an option to construction a ddrillship at Samsung Heavy Industries of South Korea in a deal worth $586.4m. Delivery is due in December of 2014.
Including the newbuilding, the company’s fleet includes more than a dozen ultra-deepwater drilling rigs. In addition, it boasts investments in four floating production, storage and offloading units, according to its website.
You can read the revised prospectus in full by clicking on the link located under the Related Media section to the right of this article
