Brazilian offshore drilling company QGOG Constellation withdraws US IPO

By Renaissance Capital,

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QGOG Constellation, a Brazilian provider of offshore oil and gas drilling services, withdrew its plans for an initial public offering on Friday citing poor market conditions. The company set terms for a deal expected to raise $550 million in January before postponing the deal in February.

The Luxembourg, Luxembourg-based company was founded in 1981 and booked $747 million in sales for the 12 months ended 9/30/2012. QGOG Constellation initially filed confidentially on 4/20/2012. J.P. Morgan, BofA Merrill Lynch, Itau BBA, Credit Suisse and Bradesco BBI were set to be the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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