Norwegian oil company Okea ASA will apply for a listing on the Oslo Stock Exchange and expects its shares to start trading by late June, the company said in a statement on Friday.
The company plans to raise about $100 million in the initial public offering (IPO) to finance further expansion, while existing shareholders may sell some of their holdings, the company said.
Okea, which is partly owned by Thailand’s Bangchak Corporation and private equity firm Seacrest Capital, this week said that an IPO was expected by mid-2019.
“We are well-positioned to execute our organic growth strategy and pursue further merger and acquisition opportunities,” Chief Executive Erik Haugene said in a statement.
The company produced about 19,500 barrels of oil equivalents per day (boed) in the first quarter of 2019, compared with only 369 boed a year earlier, boosted by an acquisition.
Okea was co-founded by former Norwegian Oil Minister Ola Borten Moe in 2015 and last year bought stakes in two Norwegian fields from Shell.