Norwegian tycoon Oystein Stray Spetalen’s new offshore shipping venture has listed in Oslo after a share offer succeeded in winning majority control of its part-owned ships.
Standard Supply, the platform supply vessel spin-off of Cyprus-based investment firm SD Standard ETC, debuted on the over-the-counter market on Thursday.
The company had made an offer to increase its stake in shipowner Northern Supply from 28% to 51%, gaining control of five midsize PSVs in the process.
Standard Supply said on Friday the share deal had closed with acceptances sufficient to reach the target.
The company will now pay NOK 38.4m ($3.9m) to shareholders who opted to take cash, and issue 9.7m new shares to those who preferred Standard Supply stock as payment.
SD Standard ETC will have an ownership of 70% in the spin-off.
Standard Supply was trading at NOK 5.50 in Oslo on Friday.
The company sold NOK 150m of shares in a private placement earlier this month as part of the listing plan.
The deal was fully covered and guaranteed through a syndicate of cornerstone investors — shipowner Arne Blystad’s Songa Capital, bulker owner Harald Moraeus-Hanssen’s Uthalden and New York’s Coltrane Asset Management, which together subscribed for NOK 108.6m.
A guarantee consortium led by SD Standard ETC chairman Martin Nes’ Ferncliff TIH agreed to buy the rest.
VesselsValue rates the Northern Supply fleet as worth $24.7m.
It consists of four 3,300-dwt midsize ships built in 2007 and 2008, and a 3,500-dwt unit built in 2005.
All are managed by Fletcher Shipping in Scotland.
Standard Supply also fully owns two large PSVs.
SD Standard ETC wants to list the venture on Oslo’s Euronext Growth board eventually.
