Sea Trucks secures funds for new vessels

Sea Trucks Group has raised $200 million via an offering of secured convertible bonds.

Offshore staff

SLEEUWIJK, the Netherlands -- Sea Trucks Group has raised $200 million via an offering of secured convertible bonds.

The offshore installation contractor plans to use part of the proceeds to finance its capital expenditure program. This involves expanding the company’s multi-purpose fleet from the present four to seven DP-3 vessels.

The three vessels under construction are due to be delivered over the next two years.

Jacques Roomans, president and CEO of Sea Trucks, said: “Jascon 34, one of our leading DP-3 vessels, was delivered in July 2010 and we will imminently launch Jascon 31, with two more vessels due over the next couple of years.

“We are seeing a strong increase in oil and gas activity in West Africa and internationally, and we are very well placed to take advantage of our customers’ increasing spend and workload.”

01/26/2011

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