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Petroleum Geo-Services ASA (PGS) has raised $227.81m through issuing 85.5 million shares in a private placement subscribed to by Norwegian and international institutional and other investors.

PGS has appointed Barclays Bank PLC, DNB Markets, Inc, and Nordea Markets as joint book-running managers, and ABN AMRO Bank NV as underwriter for the placement.

The amount raised from the placement is intended to be used by the company to fund an inter-conditional exchange offer for its existing 7.375% senior notes due 2018.

Petsec Energy Limited intends to raise $11m through the issue of 73.9 million shares, at a price of $0.15 a share, in a non-renounceable rights offering.

"The offer will involve issuing one new share for every 3.2 held by eligible shareholders."

The offer will involve issuing one new share for every 3.2 held by eligible shareholders on the date of 29 November.

Petsec Energy has appointed Paradigm Securities Pty Ltd as underwriter for the offering, which is scheduled for completion on 12 December 2016.

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By GlobalData

Proceeds from the offering are intended to be used by the company to support development of the Hummer oil and gas discovery in the US Gulf of Mexico and restarting oil production from An Nagyah oilfield in the Republic of Yemen.

Saudi Arabian Oil Company (Saudi Aramco) and Rowan Companies Plc have agreed to form a 50:50 joint venture (JV) company.

The new JV will own, operate and manage offshore drilling rigs in Saudi Arabia, with operations scheduled to start in the second quarter of 2017.

Under the agreement, Rowan and Saudi Aramco will contribute three and two jack-up drilling rigs respectively. Rowan will provide two more jack-up rigs upon completion of the existing contracts with Saudi Aramco in late-2018.

Rowan’s established business in Saudi Arabia will also serve as a base for the JV.