Norway’s Golden Energy Offshore Services (GEOS) has succeeded in selling out a share issue aimed at funding growth and decarbonisation.
The Oslo-listed owner of platform supply vessels (PSVs) said on 9 March it was launching a private placement of 5.5m shares.
After that announcement, the share price dropped 19% to NOK 1.47, before going as low as NOK 1.32.
The placement was carried out at NOK 1.36 per share, generating net proceeds of NOK 7.5m ($850,000).
The stock price has risen to NOK 1.41 in Oslo on Friday morning.
The company sourced the offer shares through share-lending arrangements with its existing shareholders, Golden Energy Offshore Management, Golden Energy Offshore and chief executive Per Ivar Fagervoll.
Any shares sold will be settled by the company issuing a corresponding number of new shares to these lenders.
The money will go on developing the company and accelerating the decarbonisation process, as well as strengthening the balance sheet to ensure financial capacity and flexibility to pursue growth opportunities, GEOS said.
The company owns four PSVs valued by VesselsValue at $31m in total.
PSV brought out of lay-up
This week, GEOS said it is reactivating a ship laid up when markets crashed during the pandemic 16 months ago.
The 3,300-dwt Energy Scout (built 2005) has secured an unspecified term contract from a “first-class international operator”, the company said.
The ship is described as having been in warm lay-up, meaning it can be brought back into service more quickly.
Work will cover survey, geotechnical and geophysical, and inspection, maintenance and repair duties.