UAE-based offshore driller Shelf Drilling has completed the bookbuilding process for its initial public offering on the Oslo Stock Exchange.
Earlier this week, Shelf Drilling said its upcoming IPO is oversubscribed.
The company will issue 29.125m new common shares at NOK63.35 ($8) per share to raise approximately $225m proceeds from the IPO. The proceeds will be used to redeem all the preferred shares and acquire a premium jack-up rig.
Trading of the securities of Shelf Drilling on Oslo Stock Exchange will commence on June 25.