Neptune Marine Raises Funds from Bond Issue

Neptune Marine Invest AS, a 100% owned subsidiary of Neptune Marine Oil & Gas Ltd, has raised US $30 million from a bond issue. The proceeds of the bond issue will be used to complete the reactivation of the drill ship, Neptune Explorer.

The bond has a 2 year term with a floating rate of interest and is supported by a parent company guarantee.

The bond issue was managed by Merrill Lynch.