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Contract Driller QGOG to Be First Brazilian IPO in 2013

QGOG Constellation SA, an oil and natural gas driller that works for Brazil’s state-owned energy company, is seeking to raise more than $500 million from an initial public offering.

QGOG is offering 27.5 million common shares for $19 to $21 each, the company said in a filing with the U.S. Securities and Exchange Commission today. Underwriters can purchase another 4.125 million shares within 30 days. Net proceeds for QGOG may be an estimated $517.8 million to $596.8 million after deducting expenses related to the offering, according to the filing.

QGOG, a unit of the Brazilian industrial conglomerate Queiroz Galvao SA, on Jan. 7 became the country’s first company to file for an IPO this year, according to data compiled by Bloomberg. It plans to trade on the New York Stock Exchange using the QGOG symbol. The company has offices in Luxembourg and Rio de Janeiro, according to its website.

QGOG had a $10.9 billion contract backlog as of Sept. 30, according to the filing. It has performed drilling services for state-controlled Petroleo Brasileiro SA, or Petrobras, since 1981. Petrobras represented about 94 percent of the driller’s gross revenue in the nine-month period ending Sept. 30, according to the filing.

QGOG said it plans as much as $4.2 billion of investments from October 2012 to December 2015. The company also may consider acquisitions of drilling assets or investing in contract drilling companies.

The offering is being coordinated by JPMorgan Chase & Co., Bank of America Corp., Itau Unibanco Holding SA, Credit Suisse Group AG and Banco Bradesco SA, according to the filing.

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