SBI Offshore to raise $16.2m via new share placement to four investors

A total of 62m shares are put up at 26.05 cents each.

SGX Catalist-listed SBI Offshore Limited stated that it will raise S$16.2 million from placing new shares to four investors, after entering into subscription agreements to place a total of 62 million new SBI Offshore shares at 26.05 Singapore cents each.

SBI Offshore has recently commenced negotiations to build up to five jack-up rigs for a Middle East and Chinese consortium.
The placement will enlarge the integrated oil and gas engineering solutions provider’s issued share capital base from 187.68 million shares to 249.68 million shares.

The proceeds will be used to fund working capital as it pursues business expansion, and for mergers and acquisitions in the O&G sector.