Business Briefs for May 5, 2012

Edgen completes initial stock offering

Baton Rouge-based Edgen Group Inc. completed its initial public offering, netting $150.4 million after expenses for 15 million shares of stock.

The stock was priced at $11 per share. Edgen plans to use the money to pay down its debt.

The underwriters have until May 26 to buy an additional 2.3 million shares.

Edgen’s stock began trading on the New York Stock Exchange on April 27 under the symbol “EDG.”

Edgen supplies steel pipe, valves, heavy plate and related components to exploration and production companies, pipelines, refineries, chemical companies, shipbuilders, and power and nuclear plants worldwide.

Louisiana home sales rise in first quarter

All eight of Louisiana’s major metropolitan statistical areas showed a significant increase in home sales for the first quarter, with the Lafayette and Houma-Thibodaux markets registering more than a 26 percent increase in the number of homes sold.

The average home in Lafayette sold for $157,054, which reflects a 6.4 percent drop compared to the first quarter of 2011.

Homes in the Houma-Thibodaux market sold for an average of $157,292, down 2 percent from last year, the association said.

U.S. rig count up 20; Louisiana gains four

HOUSTON — The number of rigs actively exploring for oil and natural gas in the U.S. is up 20 this week to 1,965.

Houston-based oilfield services company Baker Hughes Inc. reported Friday that 1,355 rigs were exploring for oil and 606 were looking for gas. Four were listed as miscellaneous. A year ago this week, Baker Hughes reported 1,836 rigs.

Of the major oil- and gas-producing states, Texas gained eight rigs, Louisiana and New Mexico each gained four, California gained two and North Dakota gained one.

Alaska and Colorado each lost two rigs while Pennsylvania and West Virginia each lost one. Arkansas, Oklahoma and Wyoming were unchanged.

Sempra signs LNG terminal agreement

Sempra Energy Inc. has reached an agreement with an affiliate of a French company, GDF Suez, for the development of a $6 billion liquefied natural gas export terminal in southwest Louisiana, the governor’s office announced.

It is the third and final commercial agreement signed by Sempra for development of the terminal, which will export 12 million metric tons per year.

Compiled from Advocate
business staff and
news service reports