Sevan Marine says to issue 15.89 mln new shares, raise over 1 bln nkr |
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Published
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Mon, 15 Oct 2007 16:22
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OSLO (Thomson Financial) - Norwegian oil services group Sevan Marine AS said it will issue 15.89 mln new shares, equivalent to about 9.9 pct of the company's existing issued share capital, raising gross proceeds of 1.064 bln nkr.The group said the new issue would be pitched at a subscription price of 67 nkr a share.SEB Enskilda, Pareto Securities and Carnegie will be joint lead managers of the issue, which will be directed towards professional domestic and international investors and will be partly used to expand its oil services vessel fleet, Sevan said in a statement.'The proceeds of the transaction will be used to part finance the company's existing and future construction programme and potential capacity expansion of existing units,' the company said.Sevan said larger institutional and long-term investors will be preferred.Sevan currently has one production unit in operation, the floating production and storage vessel Sevan Piranema.It has four other Sevan units contracted out, including one drilling unit.Last month, Sevan Marine announced that a five-year, 870 mln nkr (158 mln usd) bond had been successfully completed and was oversubscribed.Sevan Marine said the bond would carry a rate of NIBOR plus 5.5 pct and the proceeds of the issue would be used to part finance the construction of floating production and supply vessel Sevan Voyageur.Sevan Voyageur is currently in the final construction phase at the Yantai Raffles Shipyard in China.patrick.mcloughlin@thomson.compm/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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