Sevan Marine Completes Private Placement, Raises NOK1.1Bln

LONDON Private Placement–Sevan Marine announced that it has raised 1.1 billion Norwegian kroner ($180 million) through a private placement to help fund construction and working capital for a variety of its oil production and drilling units via private placement offering in London.

The Oslo-listed company, which produces cylindrical floating units for use by oil and gas exploration and production, said it entered into agreements with investors for the issue of 137.5 million new shares at a price of NOK8 per share, which was set through a book building process.

The proceeds will be used to complete construction and commissioning of the Sevan Driller, working capital for the floating production, storage and offtake unit, or FPSO, Sevan Voyageur and Sevan Driller, potential costs if Sevan Driller II and II are not pursued and certain costs relating to FPSO Sevan 4 and 5, as well as general corporate purposes, it said.

Completion of the placement, which was managed by Pareto Securities and SEB Enskilda, is conditional upon approval by the company’s extraordinary general meeting on around June 17, Sevan Marine said.
http://online.wsj.com/article/BT-CO-20090603-702185.html

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