Awilco LNG said it was able to sell about 58% of the shares it planned to sell in a follow-on public offering after the company also completed a private placement.

The LNG carrier firm said 3.36 million shares were subscribed to in the subsequent offering of up to 5.71 million shares at NOK 3.50 ($0.42) per share. The board of directors will resolve the allocation of shares according to the prospectus on the offering.

The subsequent offering to the pubic was part of a recapitalisation of the company that sold shares in a private placement to main shareholders including Awilco, Uthalden, Astrup Fearnley and chief executive Jon Skule Storheill.

Awilco's main creditor Teekay LNG also agreed to restructure charterparties for the company's two ships it bought in 2013 and leased back for four years with a 12-month option.

ABG Sundal Collier managed the offering.