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Songa Offshore raising $70M in Oslo


Published Oct 16, 2008
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Drilling-rig contractor Songa Offshore looks set to raise 265 million kroner ($40.4 million) among investors in Oslo, increasing its net market worth by about 10 percent.

Songa shares fell nearly 34 percent on the news.

The company said its business dealings needed financing, including debt and acquisitions. The company’s five rigs are all in service.

Songa shareholders not invited to take up shares in the private placement will be invited to another share offer worth 185 million kroner ($28.2 million) in short order, it was understood Thursday.

One company — Spencer Energy controlled by chairman Arne Blystad — has already signed up for a share issue.

Tags: Songa Offshore ASA



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