Norway’s Solstad Offshore to Raise $150 Million in Singapore’s Public Offering

Offshore oil services firm NOR Offshore Ltd, a unit of Norway‘s Solstad Offshore, is looking to raise $150 million in its initial public offering in Singapore, a source close to the deal said on November 22, 2007.
Solstad, which is also selling shares in the IPO, currently owns 50 percent of NOR.NOR has six vessels and plans to use the proceeds to expand its fleet, according to its prospectus.
Singapore is seen to be an increasingly popular venue to raise capital for Asian oil services firms and hosts many such companies on its stock exchange.

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