The proceeds from the convertible bonds will be used for financing of PetroProd's investments in connection with projects at the Jurong Shipyard in addition to general corporate purposes.
Settlement for the bonds is expected to be on or about November 26, 2007. Pareto Securities ASA is mandated as lead-manager and book-runner for the convertible bond issue, while Arctic Securities ASA will act as co-manager.
Petroprod Ltd is a company specializing in mobile production and field development mainly for small and medium size oilfields. The company is managed by Larsen Oil & Gas and the main shareholders are from the Larsen sphere. The company is presently trading over the counter at the Oslo OTC and is expected to be listed at the Oslo Axess in December 2007.
Most Popular Articles