American Oilfield Divers completes secondary offering.LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 10, 1997--American Oilfield Divers (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIVE) announced today the recent completion of a public offering of 3,700,000 shares of common stock at a price of $12.125 per share. Of the shares offered, 3,128,315 were offered by the company and 571,685 were offered by certain selling shareholders. The offering was lead managed by Morgan Keegan & Company, Inc., with Rauscher Pierce Refsnes, Inc. and Southcoast Capital Corporation as co-managers. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company from the offering will be used to repay short-term indebtedness and a portion of its long-term indebtedness and to fund general corporate purposes, including working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and capital expenditures for the acquisition of additional diving support vessels, other equipment or businesses. American Oilfield Divers is a leading provider of diving services, subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". products, marine construction and environmental services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , U.S. West Coast, internationally and to certain U.S. inland customers. CONTACT: American Oilfield Divers, Lafayette Greg Rosenstein or Cathy Green, 318/234-4590 |
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