Norwegian floating production specialist Sevan Marine said today it had launched a bid to raise £15.6million on the country’s stock market.
The firm is hoping to raise the cash through a share offering as part of a restructuring of the business. It had been struggling to refinance itself after announcing in June it had insufficient working capital to support its requirements.
Last month it agreed to sell some of its floating production vessels to marine firm Teekay.
This included the Sevan Voyageur, contracted to E.ON Ruhrgas UK Exploration and Production for its North Sea Huntington field on which upgrade work overran on time and costs.
The offering will close on December 16.