Prosafe Raises $130 Million in Share Sale on Offshore Demand

Prosafe SE (PRS) raised 754 million kroner ($130 million) selling new shares as it seeks to take advantage of rising demand for floating vessels to house offshore oil workers.

Prosafe, based in Larnaca, Cyprus, sold 13 million new shares after the market close at a price of 58 kroner a share, it said in a statement today. The shares yesterday closed at 60.8 kroner, the highest level in more than five years, after winning a $137.5 million contract from Talisman Sinopec Energy U.K. Ltd. for one of its accommodation units.

The company, which owns 11 semi-submersible accommodation rigs and has two on order, is betting on rising demand for floating hotels for workers as energy companies expand the search for hydrocarbons offshore.

The proceeds from the share sale “will be used to fund value enhancing growth investments,” Prosafe said. “The prospects and fundamentals of the accommodation market remain attractive.”

Shares in Prosafe fell as much as 3.6 percent, the most since Oct. 24, and traded 3.4 percent lower at 58.75 kroner as of 9:07 a.m. in Oslo.

To contact the reporters on this story: Alastair Reed in Oslo on at areed12@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

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