Oceanteam Power & Umbilical Retains Pareto Securities for Placement

Oceanteam Power & Umbilical ASA has retained Pareto Securities ASA to advise on and effect a private placement directed towards professional and international investors by raising gross proceeds of up to NOK 110 million.

The proceeds will primarily be used for upgrading of cranes and installed power capacity on vessels Oceanteam 102 and 103, as well as general working capital purposes.

Oceanteam will issue up to 1,800,000 ordinary shares at an issue price of NOK 61 per share.

Shares offered in the private placement will comprise of already issued shares made available for the Managers by existing shareholders, based on a Stock Lending Agreement between the Managers and existing shareholders. All shares offered in the private placement are tradable immediately after delivery to the investors.

The shares borrowed from existing shareholders will be returned by the issue of new shares under an authorization granted to the Board of Directors of Oceanteam.

The private placement is subject to the approval by the board of Directors of Oceanteam.