Torch Offshore peaks at $19/share on first day of trading


By the OGJ Online Staff

HOUSTON, June 7 -- Trading for Torch Offshore Inc., New Orleans, opened Thursday on the Nasdaq Stock Market under the symbol TORC at $18.10/share, beating its initial public offering estimated price of $16/share.

Established in 1978, Torch Offshore operates a fleet of vessels engaged in offshore pipeline installation and subsea construction for the oil and gas industry.

Throughout the first day of trading, the stock sold for between $16.53-$19/share. It closed at $16.63/share on a volume of 6.26 million shares.

UBS Warburg LLC was the lead manager of the offering. CIBC World Markets and Howard Weil, a division of Legg Mason Wood Walker Inc., were comanagers.

Allen Brooks, CIBC World Markets oil field services analyst, told OGJ Online, "It's a good little company that came out at the right time."

The industry's emphasis on deepwater drilling helped attract interest in the IPO, he said.

Related Articles

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

API: Petroleum demand dips in February

03/21/2014 Total US petroleum deliveries, a measure of demand, fell 0.6% from February 2013 to average 18.5 million b/d last month, a 16-year low for the mont...

MARKET WATCH: NYMEX crude oil for April tops $100/bbl

03/20/2014 Crude oil futures prices for the April contract climbed above $100/bbl on the New York market on Mar. 19, which analysts attributed to positive ind...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected