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    Nordcap provides update on offering and fleet plans

    Company News // June 5, 2014

    Nordcap Offshore says the Norwegian Financial Supervisory Authority (Finanstilsynet) has approved a prospectus prepared by the company in relation to its offering and listing.

    In connection with the listing, the company will conduct an equity offering of new common shares to raise gross proceeds of approximately NKr 1,211,091,000, equivalent to approximately US$202 million.

    Nordcap Offshore intends to use the net proceeds from the offering in combination with the proceeds from a senior secured amortizing credit facility to finance the acquisition of a fleet of 10 PSVs.

    Two of the vessels (both of UT 755LN design) are in the water already, and five more will be delivered by October 2014. The fleet will be completed by May 2016.

    Said Nordcap: "Every vessel is of proven Norwegian design constructed at reputable yards in Asia and Norway: two Vard 08 CD, three Vard 09 CD, as well as three UT 755CDL PSVs.

    "These PSVs are designed to fulfil customers' requirements regarding quality, safety and the need to protect the environment, today and in the future," said the company, which said it sees an increasing demand for PSVs notably in the mid to large sized segment.

    The vessels are intended to be operated in Africa, Brazil and the North Sea.

     

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