The company is in the process of finalizing a firm contract for building of 1 + 1 Semisubmersible rig with a first class shipyard. The proceeds are intended to be used for payment of instalments in connection with this contract, but could alternatively be used for other expansion projects.
The private placement was managed by Pareto Securities ASA and Carnegie ASA.
The shares are listed on the OTC market in Oslo and it is the intention, at a later date, to seek listing at the Oslo Stock Exchange.
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