Odfjell Drilling to List as Shareholder Plans $458 Million IPOAlastair Reed
Odfjell Drilling AS, an operator of specialized oil and gas rigs, is set to list in Oslo as owner BCB Paragon Trust Ltd. plans to raise as much as 2.7 billion kroner ($458 million) in an initial public offering.
BCB Paragon will offer 60 million shares including an over-allotment and lending option of 4 million shares, said Odfjell Drilling, based in Bergen on Norway’s west coast. The IPO will be priced at 37 to 48 kroner a share, the operator of ultra-deep water and harsh-environment rigs said in an e-mailed statement.
“The offering is expected to generate between 2.07 billion kroner and 2.698 billion kroner in sales proceeds to the selling shareholder, excluding the over-allotment option,” it said today. The company won’t receive any proceeds, Odfjell said.
The stock sold represents about 30 percent of the company, and would value it at 7.4 billion kroner to 9.6 billion kroner, according to the statement. The company’s shares are expected to start trading in Oslo on Sept. 30, Odfjell Drilling said.