John Fredriksen-backed Paratus Energy Services is set to launch a private placement of new shares and list them for trading on Euronext Growth Oslo. The company, formerly Seadrill New Finance, owns five jackup drilling rigs via Fontis, previously known as SeaMex, a 50% stake in Seabras joint venture with Sapura, which has a fleet of six pipelay support vessels and has interests in the Oslo-listed oil services company Archer. The net proceeds from the offering will be used for general corporate purposes and to increase balance sheet flexibility, Paratus said. The company, which reported a firm backlog of about $1.5bn as of Q1 2024, is expected to have its first day of trading on Euronext Growth Oslo by the end of Q2 2024, after which it said it would move for an uplisting on the Oslo Stock Exchange. “Our listing on the Euronext Growth and planned uplisting to the Oslo Stock Exchange will provide a robust platform to drive continued value creation for our shareholders,” said Robert Jensen, CEO of Paratus, adding: “With our strong cash flow profile and efficient capital structure, Paratus is well positioned to return significant capital to shareholders through potential near-term distributions.” Other offshore contractors have made moves in Oslo public markets. Brazil-focused driller Ventura Offshore has recently listed its shares for trading; Vantage Drilling is considering listing this year; and rig owner Seadrill will be leaving to pursue a single listing on the New York Stock Exchange. Norwegian outfit Eldorado Drilling, backed by several high-profile investors, has also emerged as another potential candidate for Oslo listing. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsNorway