Fri, Feb 11, 2011 - Page 12 News List

Singaporean oil exploration device maker to list TDRs

Staff writer, with CNA

Technics Oil & Gas Ltd, a -Singapore-based provider of oil and gas exploration equipment, will list its Taiwan depositary receipts (TDRs) on the local over-the-counter (OTC) market on Feb. 25, underwriter Polaris Securities (寶來證券) said yesterday.

The listing will make Technics the first foreign company to issue TDRs on the OTC market in Taiwan, the underwriter said.

The Singaporean firm secured approval from Taiwan’s Financial Supervisory Commission for the TDR listing early last month.

According to Technics’ prospectus, it is planning to issue 80 million TDRs, each of which will represent 0.5 common shares in the company, which has been listed on the main board of the Singapore Exchange since 2008.

The firm said it expects to raise about NT$800 million (US$27.78 million) and will use part of the proceeds to pay some of the debts shouldered by its subsidiary, Technics Offshore Engineering PTE Ltd, to cut interest payments.

The subsidiary accounted for about 75 percent of Technics’ total sales in the year to September last year.

Technics, which runs production bases in Singapore and Indonesia, designs and develops process modules and equipment used for the production and storage in oil and gas exploration and production.

The company said it serves clients from Singapore, Indonesia, Malaysia, Thailand, Vietnam, China, the US, Dubai, Norway and Bangladesh.

Earlier this year, Technics said it secured NT$1.15 billion in construction and service contracts for oil exploration vessels from Oman and Russia.

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