Arne Blystad’s Songa Capital has entered into an agreement to purchase just under 10.9m shares in Norwegian offshore vessel operator Siem Offshore.
Following the completion of the acquisition, Songa Capital will own 14.3m shares and voting rights in Siem Offshore, making Blystad the third-largest owner with some 6% of the outstanding shares and voting rights.
Financial details have not been disclosed. Assuming the current price of around NOK10 ($1.03) for the Siem Offshore share, the transaction value was approximately NOK109m ($11.3m).
The settlement for the trade will take place on May 13, Siem Offshore said in a stock exchange announcement. The company is valued at NOK2.4bn ($248m) on the Oslo Stock Exchange.