Norwegian investor Frederik W. Mohn has not abandoned the offshore industry.

According to Norwegian business daily Finansavisen, Mohn has bought shares in US rig company Transocean in two rounds this week.

With the recent purchases, Mohn now owns 70.74 million stocks in the rig company through his investment company Perestroika. Mohn is also chair at Transocean.

Transocean recently entered an agreement with Singapore-based shipyard Jurong Shipyard to postpone the delivery of two ultra-deepwater drilling vessels, thereby delaying payments of USD 400 million.

Like several other drilling companies, Transocean has had a rough 2020 with losses and declines due to general pressure in the oil and gas industry.

On Wednesday, Transocean announced that Jefferies will assist the company in selling new shares for up to USD 400 million. According to Transocean, the proceeds will be used to reduce and refinance debt and go towards working capital, investments and to strengthen liquidity.

Mohn has previously been a main shareholder and board member of offshore carrier Dof. However, last year, he withdrew from a collaboration with co-investor Helge Møgster to own about half of the shares in Dof. Mohn has since sold off the shares and currently owns less than five percent of Dof.

English Edit: L. N. Barnes

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