Prosafe Raises Funds to Strengthen Balance Sheet

Norwegian offshore accommodation provider Prosafe SE announced Friday that it has raised NOK 590 million ($71 million) through a private placing of 23.6 million shares.

Prosafe said that the proceeds from the placing will be used to strengthen its balance sheet and liquidity position, and will also be used to allow it to execute on preferred initiative in a challenging market.

Although Prosafe said in the summer that its short-term outlook was "robust", the firm cautioned at that time that medium-term uncertainty remains.

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