Neptune Offshore

Norway and the offshore industry, at least from the perspective of finance, have become synonymous and Pareto Private Equity (“Pareto”) has played a key role in this development. This week Pareto announced the successful private placement of equity on behalf of Neptune Offshore AS and Neptune Subsea IS, a Norwegian partnership similar to a K/S, with private and institu­tional investors. The deal was placed in the Norwegain market and sold quickly. The capital raised ($25 million) on behalf of Neptune Offshore will primarily be used to acquire a controlling equity inter­est in Neptune Subsea IS which will be the contracting party for two Ulstein SX 130 design multipurpose offshore vessels to be built at Sinopacific Shipbuilding in China for delivery in the 1st and 2nd quarter of 2010. To pay for the newbuildings, Pareto raised an addi­tional $50 million together with a $25 million shareholder guarantee on behalf of Neptune Subsea. The investor group included both hedge funds and strategic investors all of whom have long experi­ence in the offshore industry.

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