Ogier has acted as BVI legal counsel on the $210,000,000 Initial Public Offering on NASDAQ of National Energy Services Reunited Corp. which closed on 17 May.
NESR is a Special Purpose Acquisition Company, or SPAC, formed for the purpose of completing a business combination with one or more yet to be identified target businesses or entities within a specific time period.
The Company is not obliged to limit its efforts to identify a target business to a particular industry or geographic region, although it is understood that NESR intends to focus its search for a target business in the energy services industry, with an emphasis on oil and gas services globally.
Ogier partner Michael Killourhy advised NESR on matters of BVI law, while New York firm Ellenoff Grossman & Schole LLP acted as NESR’s US counsel. Loeb & Loeb acted as counsel to the underwriters of the offering.
The NESR IPO represents the largest to date in an ever-increasing line of successful SPAC IPOs for Ogier in the BVI, including DT Asia Investments Limited (now China Lending Corporation) in 2014 and Atlantic Alliance Partnership Corp. and Pacific Special Acquisition Corp. in 2015. Ogier also subsequently advised on DT Asia's acquisition of China Direct Lending in 2016.
Michael said: "NESR's IPO represents another success for Ogier in the BVI and our very strong SPAC practice, it further cements the firm's position as a leader in public securities work in the jurisdiction.
"NESR will not be Ogier's only BVI IPO of 2017, we anticipate that there will be more deals to announce in the coming months.
"The strength of Ogier's practice in this area also reflects on the general strengths of the BVI as a listed company jurisdiction, and, significantly, the continued confidence of international markets, industry and practitioners in the BVI."
Michael and Ogier's BVI practice partner Ray Wearmouth will be speaking on BVI companies in listed debt and equity capital raising at an upcoming seminar hosted by BVI Finance, the private marketing body of the BVI financial services industry, at its Road Town headquarters on 28 June.