Vessel Firm Completes Private Placements to Overcoming Challenging Market

Oslo-listed Prosafe, a global owner and operator of semi-submersible accommodation vessels, completed a private placement of 23,597,300 new shares, each with a par value of €0.25. 

"As previously announced, the new shares are expected to be delivered to investors on 8 December 2015, subject to timely payment," the company wrote in a statement published on Friday. 

The private placing, which represents almost 10% of the current outstanding shares, raised a total of $71 million.

The firm said it will use the proceeds to strengthen its balance sheet and liquidity position.

"The proceeds will further strengthen the company's ability to work proactively with all stakeholders, and allow the company to be in a better position to execute on preferred initiatives in the near term challenging market," Prosafe explained in a separate press release.

Prosafe provides accommodation support services for the oil and gas industry.