Petrojack Completes Private Placement
Petrojack's board has successfully completed the private placement it announced on Wednesday.
The private placement was significantly over-subscribed, and the board of directors of Petrojack is pleased with the response. A total of 4.3 million new shares will be issued following registration of the private placement, at a subscription price of NOK 24.50 (US$3.73) per share, corresponding to total gross proceeds of NOK 105,350,000 (US$16 million).
After registration of the private placement, the number of shares in Petrojack will increase from 60,675,000 to 64,975,000, each with a par value of NOK 5.0 (US$0.76), corresponding to a share capital increase from NOK 303,375,000 (US$46.2 million) to NOK 324,875,000 (US$49.4 million). The increase in share capital equals 7.1 percent.
The proceeds from the private placement will be used to finance the second 10-percent installment (approximately US$14 million) to Jurong Shipyard in Singapore for the construction of Petrojack II.
Petrojack has a total of three jack-up rigs under construction at Jurong. The scheduled delivery dates are March 2007, January 2008, and June 2008, respectively.
When Jurong receives the second installment for Petrojack II, Petrojack I and II will be fully financed until delivery. The second installment for Petrojack III is payable in the third quarter of 2006.
- NADL, Jurong Shipyard Extend Standstill Agreement for West Rigel (Jun 08)
- Maersk Drilling Acquires Newbuild Jackup from Hercules Offshore for $190M (May 27)
- Sembcorp Marine Dismisses EIG's Allegations on Sete Brasil Investment (May 25)
Company: Petrojack AS more info
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