Arne Blystad Schedules Listing of New Rig Company in Oslo

Pareto has been in the market place to raise $135 million to be used for the acquisition of two older semi-submersibles by Norwegian shipowner Arne Blystad. The rigs will be taken over in June, and the plan is to list Songa Offshore in the third quarter of this year. Pareto successfully raised $110 million through a convertible bond offering and $25 million in public equity. The investors were primarily international, though among them were counted a few well-known Norwegian private investors.

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