The Norwegian company and subsidiary of Odfjell Drilling, Odfjell Offshore has laid out plans to raise up to US$ 500 million, via a private equity placing, in order to further develop its fleet of ultra-deepwater and harsh environment drilling vessels.
The company’s Chairman, Simen Lieungh, said, “Odfjell Offshore’s strategy is to expand our drilling operations in the ultra-deepwater and harsh environment market.” He continued, “Our fleet is uniquely positioned and we have a strong backlog. Currently, we have one newbuild ultra-deepwater semi under construction. In addition we have secured an option to build two similar unites at Daewoo Shipbuilding and Marine Engineering in South Korea.”
Shares in the company will be offered at US$ 7 – 8 each, with shares available for purchase until 23 March.
Despite the equity placing, Odfjell Drilling will remain the majority shareholder.
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