Arne Blystad's Offshore Heavy Transport (OHT) is listing in Oslo in a bid to ensure it can raise funds to expand its business.
The heavylift and offshore wind farm vessel player will be admitted to the Oslo Stock Exchange's Merkur Market on 28 September following a private placement of shares this week worth NOK 545m ($60m).
The cash will be used to finance the first of two jack-up installation vessels for wind farms to be built at China Merchants Heavy Industry (CMHI) in China with a price tag of $230m.
The first vessel is due to be delivered in 2023, while delivery time for the second remains flexible.
DNB Markets, Clarksons Platou Securities, Fearnley Securities, Pareto Securities and SEB acted as advisors to OHT.
The share capital was previously NOK 9.37m, divided into 93.8m shares of NOK 0.10 each, but has been expanded to NOK 12.1m after the placement, which was sold out a day in advance.
New investors
Blystad's Songa Corp previously had 66.7%, which has been cut to 51.7% in the private placement.
The company only had one other shareholder, China's Lotus Marine, which now has a 25.9% stake.
OHT now has 119 separate investors. Neither of the two big shareholders bought additional stock.
New shareholders include Skagen on 2.8%, Klaveness Marine Finance on 1.9%, Nordea on 1.9% and Danish shipowner Clipper with 0.6%.
OHT said it has "experienced an increasing interest from the investor community for sustainable business models and sees the listing as an excellent opportunity for meeting this demand".
'Significant' capital needed
The company operates in an industry that is "asset-heavy", meaning huge outlay is required to buy offshore wind installation vessels and heavylift ships.
"To fund these investments, significant capital is needed. Access to the public capital market, both with respect to equity and debt financing, will be important to the company and enable it to execute the business strategy," OHT said.
The move will also enhance its profile with investors, business partners, suppliers and customers, while creating a more liquid market for its stock.
OHT intends to apply for a listing on the Oslo main board within six months.
The company said it does not intend to declare or pay any dividends to its shareholders in the near future due to the significant investment in the newbuildings.
Its listing prospectus revealed a net profit of $8.53m for the six months to 30 June.
More wind farm work
OHT has this month clinched another UK offshore wind farm contract.
It has sealed a deal to transport and install foundations for wind turbines at Equinor and SSE Renewables' Dogger Bank B site.
This follows July's deal for Dogger Bank A.
The new project will be a continuation for OHT’s 48,000-dwt specialist newbuilding vessel Alfa Lift after it finishes at Dogger Bank A.
The ship, due from China Merchants Heavy Industry in China next year, will work on each of two 1.2 GW phases of the wind farm between 2022 and 2024.
