Extreme conditions drilling firm North Atlantic Drilling has raised $125million after an initial public offering ahead of its debut on the New York Stock Exchange.
The Seadrill-owned company, which is targeting $600million through a bond offering to pay down debts and early settlements, confirmed the sum raised from the early offering.
The John Fredriksen-owned drilling giants had shelved talks to sell off North Atlantic last year, after initially discussing terms with an unnamed partner.
Instead it is floating the company, which specialises in harsh environments, with a listing due today.
The IPO saw 13.51million shares sold at $9.25 each, in line with expectations, the firm said.
North Atlantic, which has around 1600 staff, has a fleet of seven units for drilling in extreme conditions with two further units under construction.
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