ABG Sundal Collier has been retained as IOT's financial advisor in connection with the planned private placement.
After the sale of IOT's oilfield service activities, the Board of Directors of IOT intends to expand IOT's investment activities to include (i) oil service investments, (ii) oil investments, and (iii) other investments. IOT is currently the largest shareholder of Petrojack ASA (39.9%) and recently invested MNOK 100 in PetroProd Ltd. (18.3%). IOT also has significant holdings in Marine Farms ASA (13.7%).
The proceeds from the planned private placement will enable IOT to further expand its investment activities within the three above mentioned investment areas.
IOT received payment from the sale of IOT's oilfield service activities, Independent Oil Tools AS, in late December 2006. IOT does not expect significant adjustments to the previously announced sales amount of MNOK 380 after final completion of buyer's due diligence.
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