Cypriot floatel owner Prosafe has completed the first phase of its refinancing with a share sale worth up to $150m.
It planned to issue between $130m and $150m of new shares, but said the transaction was fully subscribed.
The final amount will be determined on the basis of the amount required for the cash-out of bonds under its restructuring programme.
Its two largest shareholders, North Sea Strategic Investments and M&G, bought $85m of the shares.
A secondary offering of up to $15m is also planned.
The company said: "The refinancing will, if completed, provide greater financial flexibility for the company throughout the period until the end of 2020, including a solid liquidity buffer to weather a prolonged market downturn."
The combined effect should be to boost liquidity by $478m by reducing interest on bank loans, as well as cutting debt by $395m through converting $290m of bonds into equity at 30% of their face value.
Chinese shipbuilder Cosco has also agreed to delay delivery of the Safe Eurus floatel until the fourth quarter of 2019.
