26 April 2007
The London Stock Exchange is delighted to welcome Wellstream to the Main Market.
Wellstream is a leading designer and manufacturer of high quality, custom made flexible pipeline systems for use primarily by the offshore oil & gas industry.
In 2006, Wellstream was the world’s second largest supplier of offshore flexible pipe products. Its customers include super-major, independent and national oil companies, floating production, storage and offloading facility providers, engineering companies and instillation contractors.
Wellstream has operations in a number of regions throughout the world. Its largest facility is located in Newcastle with a second offshore pipe manufacturing facility in Brazil due to commence operations in May.
The IPO allows Wellstream to continue its strategy to expand its share of the offshore flexible pipeline systems market by increasing capacity through further efficiency gains at its main facility in Newcastle, and through the addition of a new manufacturing facility in Brazil.
Wellstream is also considering entering into a niche segment of the offshore pipeline instillation market, to provide a “supply and install” package as a complimentary business line.
Further, Wellstream will seek to continue the commercialisation of its onshore flexible pipe product through further product development and enhanced manufacturing capacity.
Credit Suisse acted as Sponsor and Sole Bookrunner in the IPO; Citigroup acted as lead manager; Lexicon Partners acted as financial advisor.