The chairman of offshore drilling firm Songa has quit the company after it launched a refinancing bid to pay for its new rigs.
Arne Blystad stood down from the board of Songa Offshore this morning, as the company confirmed it had completed the private placing of £154million worth of new shares.
The shipping magnate, who founded Songa Offshore in 2005, had not been among the underwriters of the refinancing bid for the drilling firm.
The company will hold an EGM next month to get approval for the rescue package, which will also involve changing the charter contracts for the company’s Category D rigs, along with securing new agreements with creditors and banks.