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June 21, 2024

Paratus Energy Services announces USD 75m private placement ahead of listing on Euronext Growth Oslo

Paratus Energy Services, built from parts of the bankrupt estate of Seadrill, a rig company led by John Fredriksen, will launch a USD 75m private placement of shares leading up to its listing on the Euronext Growth Oslo exchange. The offer shares will be offered at a fixed price of the NOK equivalent of USD 4.90 per share, corresponding to a pre-money equity value of Paratus Energy Services of the NOK equivalent of USD 755m (NOK ~8,000m). The firm expects the initial trading of shares to begin around June 28, 2024. Notable investors holding over 10% share in the company have agreed to 'lock-up arrangements' which restrict their ability to sell or dispose of shares for three months after trading on the new exchange begins. Proceeds from the placement will be allocated towards general corporate purposes and to increase balance sheet flexibility. Today, John Fredriksen's firm Hemen, owns a 32% stake in Paratus Energy, with the remaining owned by the two hedge funds Lodbrok Capital and M
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