Credit: Oslo Exchange
Offshore heavy transport and installation contractor OHT has been admitted to trading on Merkur Market in Norway under the ticker code OHT-ME.
OHT, which apart from its traditional heavy lift and transportation business is increasingly shifting focus on offshore wind, has recently raised NOK 542 million (around $56,7 million) through a private placement.
The Norwegian company will use the proceeds to finance new custom-built semi-submersible offshore wind foundation installation vessels.
Currently, through its wholly-owned subsidiaries, the group owns five heavy transport vessels and will take delivery of a custom-built semi-submersible offshore wind foundation installation vessel – Alfa Lift – at the end of 2021.
The company has also recently entered into agreements to order two offshore wind turbine installation vessels.
In its Merkur Market admission document last week, OHT explained that due to it operating in an industry that is “asset-heavy”, there is a significant capital need that relates to the investment in offshore wind installation vessels and HTVs.
“To fund these investments, significant capital is needed. Access to the public capital market, both with respect to equity and debt financing, will be important to the company and enable it to execute the business strategy,” OHT said.
Describing the reasons for the admission on Merkur Market, said that it has experienced an increasing interest from the investor community “for sustainable business models and sees the listing as an excellent opportunity for meeting this demand.”