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Frank's International files plans for $500M IPO

The Associated Press

Oil and gas services provider Frank's International N.V. filed plans Friday with the U.S. Securities and Exchange Commission for a potential public offering.

The 75-year old company, based in Amsterdam, provides tubular services to oil and gas companies. Tubular services involve the handling and installation of pipe to ultimately allow the produced oil and gas to reach the surface.

Frank's said in the filing that it serves customers in roughly 60 countries, and its customer base includes major oil companies such as BP, Chevron and ExxonMobil.

Net income in 2012 was $350.9 million, more than double its 2011 net income of $170.8 million. Revenue grew by 43 percent from $739.1 million in 2011 to $1.06 billion in 2012. The bulk of its revenue comes from customers needing its products and services for offshore work.

Frank's did not indicate the timing or size of a potential IPO, though it listed $500 million as a placeholder figure. The actual amount it raises could be higher.

It did say in the filing that it plans to use the proceeds to repay notes, $464 million were outstanding as of the end of 2012. Any remaining proceeds would be for general corporate purposes.

The CEO of the company, Keith Mosing, is a third-generation owner and manager of the business, according to the filing. The company said in the documents that the Mosing family will continue to own the majority equity interest in the company following the completion of this offering.

Frank's company intends to apply to list its common stock on the New York Stock Exchange under the symbol "FI".