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Marine Log

January 18, 2008

Signal International to move headquarters to Mobile

Signal International is to move its headquarters from Pacagoula, Miss., to Mobile, Alabama.

Signal yesterday announced the successful completion of a sale of shares. The transaction was completed under Rule 144a of the Securities Exchange Act. Terms of the transaction were not disclosed. However, CEO Richard Marler, who is now also Chairman of the Board, said "We are pleased with the institutional support of the offering."

That "institutional support" apparently included the Retirement Systems of Alabama (RSA). Today, AP reports that RSA has become the largest investor in Signal, with what it reported as a $100 million share purchase in the $240 million company.

AP also reports that Signal will move its headquarters to RSA's new skyscraper in Mobile.

Signal, which focuses on the repair, upgrading and conversion of offshore oil and gas rigs operates six shipyards and employs approximately 3,000 people in Pascagoula, Port Arthur and Houston, Texas, and Mobile,.

ACON Investments, LLC, a Washington, D.C.-based private investment firm, had purchased Signal from the bankruptcy estate of Friede Goldman in 2003 and will retain a minority ownership position in the firm.


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