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    Atlantic Offshore strengthens equity position

    Company News // December 19, 2012

    Atlantic Offshore in Norway has strengthened its equity of between NKr80 and Nkr 100 million in a private placement to existing shareholders.

    In 2010 a similar placement of 200 million took place, to strengthen capital and invest in newbuildings. Since then, Atlantic Offshore has taken a prominent position in the shipping segment involving FSV and PSV, and has a modern fleet of 18 ships and six ships under construction. The company has entered into long term contracts with leading oil companies in the North Sea.

    "This latest share issue increases our equity and helps us to continue at the same level as today," said the company. "We have for several years been in a restructuring related to the new profile, comprehensive contracts and the renewal of the fleet. The share issue helps create predictability in this work."

    "We will continue the strategic move in the direction we pointed out a few years back, says CEO Roy Wareberg. "We entered into a mandate agreement with Pareto to further bring new equity from external investors will be implemented as planned."

    Atlantic Offshore reported a profit before tax of NKr 10 million in the third quarter of 2012, which is an improvement of NKr 9 million compared to 2011.

    Mr Wareberg said he expects the positive trend to continue.

     

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