courtesy Seajacks

Norway-based liftboat company Seajacks International will try to raise NOK27.5 million when it lists shares on Oslo Axess Tuesday, despite ominous warnings about timetables and “contract uncertainty”.

“The rights of the Company under … construction contracts may not fully protect the Company against the losses which result if Lamprell Energy is not able to deliver … in accordance with the requirements of the construction contract,” a statement to investors said.

Little more than a year old, Seajacks is keen to expand by “new-build”: two liftboats are being built at Lamprell Energy with options for the construction of three more. As much as $271 million will be spent for the two new-builds due for delivery in February 2009 and June 2009.

Together with GustoMSC, the company has created a liftboat for use in up to 45 metres of water, or the southern North Sea. The “jack-ups” will perform well-intervention and platform maintenance services and appear more capable than their Gulf of Mexico counterparts.

Earlier this year, Seajacks raised $116 million in equity and secured $180 million in debt toward its growth. However, the Company has not entered into contracts for the employment of any of the Liftboats, and there can be no assurance that it will be able to enter into any such contracts on commercially acceptable terms, a statement said.

“There is significant uncertainty as to what day rates the Liftboats will achieve after they have been completed,” the prospectus said.

ws@scandoil.com