Nu-Oil & Gas to take maritime security business public
Nu-Oil and Gas intends to float on the London Stock Exchange to take the Guardian maritime security business public.
The Shell company said it intended to buy Guardian Maritime and Guardian Barriers in line with announcements in March and May. It will apply for its shares to be traded on London's main market in the fourth quarter and will change its name to Guardian Global Security.
Guardian produces maritime security technology that protects ships from piracy attacks. No vessel equipped with the technology has been breached, including five that have been subject to attempted attacks, the company said.
Gary Smith, an ex Royal Marine commando and an expert in maritime security, will be the company's chief executive on admission. He said the maritime security industry was worth $20bn and expected to grow rapidly as shipping remains in demand during the recovery from Covid-19..
Smith said: "The piracy threat is expected to remain elevated as economies struggle to return to pre-Covid-19 levels and related socio-economic grievances persist. This admission will enable us to access capital which can accelerate our investment decisions, maximise the opportunity ahead and, we believe, deliver rewards and results for all stakeholders."