Placement of unsecured bond issue

We are pleased to confirm that Atlantic Offshore AS has completed a NOK 150 million Senior Unsecured bond issue with expected maturity date on 31 March 2015.
The margin is 9,75% over NIBOR. This bond issue is the one that was referred to in our financial report for Q3 2012, but the borrowing limit has been adjusted from NOK 100 million to NOK 150 million. The bond issue is a tap issue, and drawing of the first tranche of NOK 100 million is expected to be 20 December 2012. An application will be made for listing of the bonds on Oslo Stock Exchange as soon as possible. The net proceeds of the loan will be used for fleet renewal and general corporate purposes. RS Platou Markets and Pareto Securities acted as Arrangers of the bond issue.
Contacts for further information:
CEO Roy Wareberg – ph.+47 918 95 626
CFO Knut Kvinnsland – ph. +47 901 25 896

Atlantic Offshore strengthens equity by 100 million

Atlantic Offshore strengthens equity of between 80 and 100 million in a private placement to existing shareholders.
In 2010 a similar placement of 200 million took place, to strengthen capital and invest in new buildings. Since then, Atlantic Offshore has taken a prominent position in the shipping segment involving FSV and PSV, and has a modern fleet of 18 ships and six ships under construction. The Company has entered into long term contracts with leading oil companies in the North Sea.
This share issue increases our equity and helps us to continue at the same level as today. We have for several years been in a restructuring related to the new profile, comprehensive contracts and the renewal of the fleet. The share issue helps create predictability in this work. We will continue the strategic move in the direction we pointed out a few years back, says CEO Roy Wareberg.
We entered into a mandate agreement with Pareto to further bring new equity from external investors will be implemented as planned. – the plan we follow is in line with shareholders’ expectations. We will continue to develop and strengthen the position we have now established, Wareberg says.
Atlantic Offshore reported a profit before tax of NOK 10 million per quarter 3, which is an improvement of NOK 9 million compared to 2011. Wareberg expects the positive trend to continue.

Signing ceremony for contract with Total E & P Norge AS

The signing ceremony for the contract between Total E&P Norge AS and Atlantic Offshore, awarded in June, was held on December 3. ERRV Ocean Marlin will serve at the Martin Linge field, contract commencing mid 2014.

Managing Director in Total E&P Norge AS, Martin Tiffen, and CEO in Atlantic Offshore, Roy Wareberg, shake hands after signing the contract for Ocean Marlin. The contract was awarded in June 2012.

Read further details about the contract here.

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