Hav Goes to Market to Fund Expansion

A sure sign that confidence is returning to the stockmarkets is the renewal of IPOs after a lengthy break. Among the latest applicants for fresh funding is the Norwegian shipping and offshore venture A/S Hav, which is tapping investors for more expansion capital. In fact the move is the third tranche of a program launched last fall. Following a successful IPO and convertible bond issue last September, which raised a total of Kr180m, the company is launching a public offering of B shares worth an additional Kr90m ($15.5m). The issue, which is being managed by Finanshuset, invites investors to subscribe for 1.655m B shares with warrants at a price of Kr55. Payments are due in mid-April. Commenting on the issue, Hav managing director Tore Staubo told Marine Money “We are a diversified company with 65% of our assets in third generation semi-submersibles, 31% in product tankers and the remaining 4-5% in handy sized bulkers. The main reason for the issue is to generate more working capital and further funds for expansion in the offshore market. However, we do not want to be totally dependent on one sector, and we shall continue our policy of growth through diversification.”

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