Singapore: Sea Trucks Group, a Nigerian undersea engineering company, said it plans to raise up to $200 million (Dh 734.580 million) in convertible bonds this month in London, setting the stage for a possible public listing in 2012.
Jacques Roomans, the company's founder and chief executive, told Reuters the funds would be used to complete its expansion programme for seven new deepwater construction vessels, increasing its total offshore fleet to around 50.
Sea Trucks' growth plan comes as larger rivals Acergy and Subsea 7 finalise a merger this year, creating an industry leader that aims to further dominate deepwater services.
Roomans said Barclays was organising the bond issue with an expected coupon between 6 to 10 per cent. He did not say when the bonds would mature.
"We are going for $200 million, which will be a boost for our plans for the Sea Trucks fleet," Roomans said in an interview late Friday after a ceremony for the firm's new construction vessel.
Roomans said he would like to significantly expand the Lagos-based Sea Trucks, which operates 80 per cent of its business in West Africa, into Brazil and Australia in the next few years.
