EuropeFinance and InsuranceOffshore

Green Energy Group to raise new funds, mulls vessel sale

Green Energy Group, formerly Seabird Exploration, has hired Fearnley Securities as bookrunners for a private placement of new shares to raise between NOK20m ($2.3m) and NOK30m ($3.4m) and is looking to sell one of its vessels following interest from several buyers.

The net proceeds from the private placement will be applied towards working capital related to increasing activities within existing and new business segments, as well as for general corporate purposes, the Oslo-listed company said. Certain existing shareholders and members of the company’s board have pre-committed to subscribe for shares totalling NOK11m.

Meanwhile, the company is considering a sale of the 2008-built Petrel Explorer and has appointed a broker to ensure an efficient sales process. Seabird Exploration, a subsidiary of the group, currently has a fleet of four ships.

Green Energy Group added that it has applied for a customary waiver from instalment requirements under its bank facility, and that it expects a positive response in due course. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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