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 A.M. 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.”