John Fredriksen’s rig investment company Northern Drilling, which currently has a fleet of two drillship and two semi-submersible rigs, has announced plans to spin off the semi-submersibles into a new company called Northern Ocean.
The West Mira and West Bollsta, which are contracted to Wintershall and Lundin respectively, will make up the fleet of Northern Ocean which has raised $100m via a private placement.
Northern Drilling says the spin-off will “benefit from a high quality fleet with strong contract coverage, a best in class balance sheet and 100% exposure to a harsh environment market that continues to recover”.
Shares of Northern Ocean are expected to be registered on Oslo’s N-OTC soon after completion of the private placement and the company has already initiated the process and is planning to list on either Oslo Børs or Oslo Axess in the first quarter of next year.
