Kristian Siem could become major shareholder in Farstad

Farstad Shipping will raise NOK 1 billion (USD 116 million) in capital with a move which will make Kristian Siem majority shareholder in the Norwegian offshore carrier. Banks, bondholders, and other creditors must now approve the plan.

Photo: Farstad Shipping

Farstad Shipping has entered into a deal with billionaire Kristian Siem, who guarantees to raise capital of NOK 1 billion (USD 116 million) via his company Siem Oilservice Invest Holdings, writes the Norwegian offshore carrier in a statement Thursday.

The raising of capital will take place by Farstad issuing a minimum of 702 million regular shares for a price of NOK 1.4245.

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