Norwegian Shipper Plans Brazil IPO

Norskan Offshore, a Brasil-based shipping operator belonging to Norway’s DOF Group, has filed a prospectus to go public on the Bovespa. The initial document doesn’t specify timing or the deal’s size, but does note that 2009 Ebitda totaled BRL79m. The company provides shipping services and fleet equipment and maintenance to offshore drilling companies in Brazil, including Shell, Petrobras, OGX, Chevron and Statoil, and has 36 ships in operation or in construction. The timing of the move is clearly based on the robust outlook for shipping services. OSX, the shipping and shipyard unit belonging to Eike Batista, expects to price its IPO later this month in a deal that could raise up to BRL8.7bn. Credit Suisse and BTG Pactual will lead the Norskan deal.