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Private Placement News

05 Oct 2023

Japanese Shipping Giant Buys Into Norwegian Floating Wind Firm

Credit: Odfjell OceanWind

Japanese shipping giant Mitsui O.S.K. Lines, Ltd. (MOL) has, following a recent private placement, become a shareholder in Odfjell Oceanwind, a Norwegian floating wind technology developer."The transaction generates significant capital which will be used to further strengthening Odfjell Oceanwind’s position as a global leader and frontrunner in floating offshore wind technologies. Odfjell Technology Ltd. combined with the Odfjell family’s direct investment will remain the largest shareholder in the company…

26 Jun 2023

Klaveness Combination Carriers Orders Three Newbuilds

(Photo: Klaveness Combination Carriers)

Klaveness Combination Carriers ASA (KCC) announced it has concluded a shipbuilding contract for the construction of three third generation CABU vessels with Jiangsu New Yangzi Shipbuilding Co. Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd in line with the letter of intent (LOI) announced May 23, 2023.Compared to the existing CABU vessels built 2001-2002 that the newbuilds will replace, the vessels are estimated to have 25-30% higher earnings capacity and around 35% lower CO2 emissions due to increased cargo carrying capacity and substantially lower fuel consumption…

01 Jun 2023

Follow the Money: Norway is Fertile Grounds for Shipping Projects

Image courtesy Oslo Børs

With the world’s largest sovereign wealth fund, Norway’s financial muscle is beyond question. Howev-er, at a corporate level, the country’s capital markets offer a range of benefits to overseas companies seeking equity, debt … or both. Øivind Amundsen is CEO of Oslo Børs and, as you would expect, a strong advocate of the Norwegian capital as a place to raise money for marine-related projects. The diverse nature of the companies which are listed on the Børs, part of Europe’s largest stock exchange group…

03 Mar 2023

Edda Wind Orders Four CSOVs from Fincantieri's Vard

©Fincantieri

Italian shipbuilder Fincantieri, through its subsidiary Vard, has signed a contract with offshore wind vessel operator Edda Wind, for the construction of four Commissioning Service Operation Vessels (CSOV). The first two vessels are expected to be delivered in Q1 2025, the third in Q2 2025, and the fourth in Q1 2026. The contract has a total value of approximately $250 million, Fincantieri said.Edda Wind has also secured options for 2+2 additional CSOVs at the same contract prices…

01 Aug 2022

Cadeler to Install Foundations at Ørsted's Hornsea 3 Offshore Wind Farm

(Image: Cadeler)

Danish offshore wind installation contractor Cadeler on Monday said it has signed an agreement with Ørsted for the installation of offshore foundations at the Hornsea 3 offshore windfarm, off the east coast of the U.K.Scheduled to begin in 2026, the offshore installation campaign will mark the first for Cadeler's new $345 million F-class jack-up installation vessel being built by China's COSCO Heavy Industries for expected delivery in the fourth quarter of 2025. The newbuild will be able to transport up to six XL monopiles (weight 2…

09 May 2022

Cadeler Orders $345M Offshore Wind Foundation Installation Vessel from COSCO

©Cadeler

Danish offshore wind installation services provider Cadeler has officially ordered a $345 million offshore wind foundation installation vessel from China's COSCO Heavy Industries.Cadeler first announced the plan to order the F-class vessel last week, when it announced a private placement of shares aimed at raising the part of the funds for the vessel order. The contract includes an option for an additional X or F-class vessel."The new vessel will enable Cadeler to target the growing…

05 May 2022

Cadeler Raises $91,25M for Newbuild Wind Turbine Foundation Installation Vessel

Credit: Cadeler

Danish offshore wind turbine and foundation installation firm Cadeler has raised EUR 86 million (around $91,25M) via a private placement, with the plan to use the cash to fund a part of the construction of a new "hybrid" offshore wind farm foundation installation vessel.Announcing the private placement plans on Wednesday, the company said it was in talks with COSCO over a potential order to construct a purpose-built ship for the installation of large offshore wind farm foundations.

05 May 2022

Cadeler in Talks to Order Offshore Wind Foundation Installation Vessel

Offshore wind turbine foundation - Credit: James Jiao/AdobeStock

Danish wind turbine installation company Cadeler is contemplating a private placement of shares to raise funds to pay for a portion of a planned order for a newbuild offshore wind foundation installation vessel (F-Class) vessel.The company, which owns two offshore wind turbine installation vessels, with another two (X-class) on order, said Wednesday it planned to raise between $70 – 90 million through the placement of new ordinary shares with a par value of DKK 1.00 in the company at an offer price of NOK 32.32 per share, through an accelerated bookbuilding process.

13 Sep 2021

Deep-sea Mining firm The Metals Co Tumbles 17% on Nasdaq Debut

© piccaya / Adobe Stock

The Metals Co (TMC) was trading down around 17% after listing on the Nasdaq on Friday following its creation from the merger of deep-sea mining exploration firm DeepGreen and a blank-check company.TMC opened at $11.0535 a share but started falling soon after, hitting a low of $8.31.In a filing on Tuesday, TMC said it had received only $110.3 million of the proceeds from a private placement of Sustainable Opportunities Acquisition Corp (SOAC) shares, having entered into agreements with investors for a $330 million placement.“SOAC intends to continue to seek to enforce the funding obligations of

18 Mar 2021

New Offshore Wind Service Firm Looking to Raise up to $89M via Private Placement

twixter/AdobeStock

Integrated Wind Solutions, a newly formed offshore wind service company owned by Norway's Awilhelmsen investment group, is eyeing a private placement of new shares in the company in connection with a listing on Euronext Growth Oslo, aiming to raise up to $89 million.Integrated Wind Solutions describes itself as a company that aims to be a leading offshore wind service player by integrating service operation vessels with engineering and manpower services in the windfarm’s construction and operations phase.

12 Apr 2019

SeaBird to Buy BOA Offshore Vessels

Norwegian seismic acquisition company SeaBird Exploration said  it is in an exclusive process to acquire the seismic vessels BOA Galatea and BOA Thalassa owned by BOA Offshore in a transaction which values the vessels at NOK 185 million ($22 million).The BOA Vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019 with options for EMGS ASA to extend for three periods of six months each.In order to finance the acquisition of the BOA Vessels, as well as to finance an upgrade of BOA Galatea to high end 2D / source capability, the Company is contemplating a private placement of new shares  in the Company raising gross proceeds of minimum NOK 225 million and maximum of NOK 250 million.

18 Feb 2021

Golden Ocean to Acquire 18 Modern Dry Bulk Vessels

For illustration only - Credit: mrnai/AdobeStock

Dry bulk shipping company Golden Ocean Group has entered into a Heads of Agreement to acquire 18 modern scrubbers fitted dry bulk vessels from affiliates of John Fredriksen's Hemen Holding, which is Golden Ocean's largest shareholder, for $752 million.Of the 18 vessels, ten are Newcastlemaxes built 2019-21, and eight are Kamsarmaxes built 2020-21 "The transaction will add significant scale to Golden Ocean’s operating fleet, contribute to reducing cash breakeven levels and is in line with the company's fleet renewal strategy…

15 May 2019

Klaveness Combination Carriers to List in Oslo

Norway's Klaveness Combination Carriers (KCC) has raised 350 million Norwegian crowns in a private share placement, valuing the shipping firm at 2.27 billion crowns ($259.57 million) ahead of an Oslo stock market listing on May 22.Following the successful private placement, KCC has declared two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China.The two newbuilds are scheduled for delivery in January and February 2021. Following the declaration, the KCC fleet will grow to 17 vessels within 1st quarter of 2021. The company holds options for further vessels.“We…

25 Jul 2019

Eagle Bulk Raises Funds for New Ships

Eagle Bulk Shipping announced a $100 million convertible  note offering in a private placement to qualified institutional buyers.Eagle Bulk intends to use the net proceeds from the offering to fund a portion of the aggregate purchase price of up to six modern high-specification Ultramax vessels and for general corporate purposes, including working capital."Closing of the purchase of the Acquisition Vessels is subject to customary conditions. Certain events may arise which could result in the company not taking delivery of any of the Acquisition Vessels, including without limitations a total loss of a vessel, a constructive total loss of a vessel…

26 Sep 2019

OMP Acquires Stake in TEN

The maritime and offshore energy institutional investor OMP is acquitting of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of the Greek shipping company Tsakos Energy Navigation (TEN) in a private placement.Watson Farley & Williams (WFW) is advising OMP in preferred stock transaction.The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third-for-one basis into TEN common shares.Within the first quarter of 2021, any outstanding Series G Preferred Shares will, subject to certain limitations…

17 May 2019

DNO Completes $400mln Bond Placement

The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received strong investor demand across international markets and was oversubscribed, said a press release from Norway's oldest oil company. The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent.An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed…

30 Jun 2019

Okeanis Gets Funds for Scrubber Retrofit

The Piraeus-based shipping company Okeanis Eco Tankers Corp announced that it has secured commitment to a $11 million secured loan facility for its scrubber retrofit project from BNP Paribas.The tankers company, owned by the Alafouzos family, said in a press release that the facility carries an interest rate over Libor of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year after drawdown.The  funds are available immediately, and the company expects to draw on it shortly to partly finance the capital expenditure required to retrofit scrubbers on six of its vessels (two Aframax/LR2s and four Suezmaxes).In May 2019…

24 May 2019

SeaBird Wins Wintershall Survey Contract

The provider of marine 2D and 3D seismic data and associated products and services to the oil and gas industry, SeaBird Exploration announced a contract award by Wintershall Dea for 2D acquisition in the Norwegian Sea.The survey has an expected duration of one month and start in the third quarter this year, the Norwegian seismic player said in a press release.Meanwhile, SeaBird has made further progress towards the completion of the acquisition of the Boa Galatea and Boa Thalassa vessels. It has reached an agreement with bondholders with respect to all material terms for the acquisition.SeaBird earlier said that it is in an exclusive process to acquire the two seismic vessels in a transaction which values the vessels at NOK 185 million (close to $22 million).On the basis of said agreement…

13 Dec 2018

Nordic American Offshore Bags PSV Contract

Bermuda-headquartered Nordic American Offshore (NAO) has been awarded a two-year fixed contract for the Platform Supply Vessel (PSV) built in 2015, 'NAO Viking'.Commencement will be about mid-December 2018. The contract also grants the customer two one-year optional periods after the initial firm period, said a press release from the owner and operator of platform supply vessels in the North Sea'NAO Viking' will be operating primarily in the North Sea for a first class company.  This contract has been concluded with one of the Company's regular customers.The contract is securing steady employment and contribution for 'NAO Viking'.Two days ago, NYSE-listed offshore support vessel owner Scorpio Group took control of NAO, via a private placement into company’s shares worth $5 million.

13 Dec 2018

Dudgeon Offshore Wind Bags $1.77B Refinancing

One of the world’s largest offshore wind projects, the 402-megawatt (MW) Dudgeon offshore wind farm in the U.K., announced the signing and pricing of privately placed notes for the refinancing of the project’s existing non-recourse project debt, with financial close expected next week. The original financing for Dudgeon was successfully closed in May 2016.The refinanced debt consists of approximately GBP1.27 billion ($1.77 billion) in fully-amortizing senior-term loans, comprising around GBP561 million in commercial debt and a GBP706 million private placement of senior secured notes, maturing in June 2032.Both tranches were oversubscribed, reflecting strong credit features and investor interest.

14 Jan 2019

Seacor Marine Acquires Three Fast Support Vessels

U.S. offshore vessel owner Seacor Marine  has acquired of three fast support vessels (FSVs) in exchange for the private placement of 603,872 shares of its common stock to domestic U.S. holders affiliated with the McCall family of Louisiana.The provider of global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide has operated the acquired vessels for the past ten years under a revenue sharing pooling agreement along with four of its owned FSVs of similar specification.As part of the transaction, this pooling agreement was terminated. This will eliminate a negative adjustment in recent years to Seacor Marine’s revenue and Direct Vessel Profit (DVP) that resulted from allocations of revenue among the pool participants.

25 Nov 2019

Euroseas Acquires More Vessels

Euroseas, a Greece shipping company that was founded about a century ago, said that it has took delivery of four container carrier vessels of intermediate size of 4,253 teu from Synergy Holdings Limited for approximately $40 million.All vessels are built in South Korea, three in 2009 and the other in 2008, the company said.The acquisition of the four vessels was financed by bank debt of $32 million, existing funds of Euroseas and a private placement of $6 million at a share price of $0.71 subscribed equally by an entity affiliated to the Euroseas’s CEO and an entity controlled by the seller of the four vessels.During the third quarter…

04 Mar 2019

NAO Logs a Big Loss

Nordic American Offshore Ltd (NYSE: NAO) reported for the three months ended December 31, 2018, the company's net loss was $169.3 million, or $26.23 per basic and diluted loss per share, which included a non-cash impairment charge of $160.1 million, or $24.80 per basic and diluted. Excluding the impairment charge, the net loss for the fourth quarter of 2018 was $9.2 million, or $1.43 per basic and diluted loss per share. For the year ended December 31, 2018, the company's net loss was $197.3 million or $31.50 per basic weighted average and diluted loss per share, which included a non-cash impairment charge of $160.1 million. Excluding the impairment charge…

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