Floatel Mulls Private Placement for Its Newbuildings

 Floatel Mulls Private Placement for Its Newbuildings

Floatel International Ltd is contemplating a private placement of approximately USD 150 million through the issuance of new shares in Oslo directed towards Norwegian and international investors.

The Private Placement will further strengthen Floatel International as a leading provider of high- specification, modern accommodation vessels to the offshore oil and gas industry. The proceeds from the Private Placement will be used to finance the Company’s new build program for accommodation vessels at Keppel FELS Shipyard, growth capex and for general corporate purposes.

The Company has retained Fearnley Securities and Pareto Securities as joint lead managers and joint book-runners in connection with the Private Placement. ABN-Amro and SEB Enskilda have been appointed as co-managers.

[mappress]
Press release, April 5, 2013