Deals this week: TGS-NOPEC, Otto Energy, Odfjell Drilling

1 June 2017 (Last Updated June 1st, 2017 18:30)

TGS-NOPEC Geophysical Company ASA has raised $2.18m through issuing 105,375 shares at a price of $20.66 each.

TGS-NOPEC Geophysical Company ASA has raised $2.18m through issuing 105,375 shares at a price of $20.66 each. The units have been issued through exercise of options.

TGS-NOPEC provides geophysical, geological and imaging products and services to oil and gas exploration and production companies across the world.

Otto Energy Limited is intending to raise $8.2m through the issue of convertible notes in a private placement due 30 June 2019.

"The notes bear a coupon rate of 14% a year and are convertible into common shares of the company, at a conversion price of $0.04 a share."

The notes bear a coupon rate of 14% a year and are convertible into common shares of the company, at a conversion price of $0.04 a share. 

Proceeds from the offering are intended to be used by the company to fund its oil project in South Marsh Island 71 licence in offshore Gulf of Mexico. 

Odfjell Drilling has received a letter of award (LoA) worth approximately $55m from Statoil to provide Aker H-3.2 designed semi-submersible drilling rig named Deepsea Bergen for conducting offshore drilling activities during 2018-19.

The scope of the contract includes drilling a firm well and 4×3 optional wells. Drilling work is scheduled to start between Q2 and Q3 2018 and will continue for 14 months if all options are exercised.