Songa Offshore's market value cut in half on Oslo exchange

Shares in the Norwegian Songa Offshore plunged more than 50 percent on the Oslo Stock Exchange on Tuesday after the company announced lower activity than expected and a plan to secure fresh liquidity through a new bond loan.

Photo: Songa Offshore

A dark day for Songa Offshore on the Oslo Stock Exchange.

The Norwegian drilling and rig company saw its shares plunge 65 percent as investors reacted to the group's decision to issue a convertible loan to the tune of USD 100 million with an option to increase to USD 125 million, reports Norwegian business daily Dagens Næringsliv.

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