Former Offshore Driller Buys 7.2% Of Quiksilver

by The Editors on April 15, 2010

Quik Logo10Houston, Texas based oil man William Kallop filed documents today (April 15, 2010) with the SEC stating that his Offshore Exploration and Production, LLC owns 7 percent (or 9,081,590 shares of Quiksilver common stock). The names of the reporting persons include Mr. Kallop, as well as Brooks Kallop and Brent Kallop who own .1 percent each.

Kallop, who made significant off-shore oil discoveries in Peru through Petro-Tech Peruana, a Peruvian subsidiary of his privately owned The Offshore International Group in 2005, sold his company in February 2009 to Korean National Oil Corp and Columbia’s Ecopetrol for a reported $900 million, according to a story in Offshore Magazine.

Peru’s president Alan Garcia later asked the Peruvian Congress to investigate the timing of Offshore International Group sale, according to a story on The Motely Fool, because Petro-Tech Peruana was “under investigation for possible connections to illegally taped conversations in an oil-kickback scandal” that caused “the worst political crisis” in Garcia’s two year administration.

A couple things are for sure: Mr. Kallop knows his way around international business, and his owning $48 million in Quiksilver stock would seem to suggest that he is rather bullish on the brand currently.

[Link: SEC, Offshore Magazine, The Motely Fool]

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