Northern Ocean Mulls $72 Million Private Placement; Upsizes Credit Facility

01:11 AM EDT, 10/05/2026 (MT Newswires) -- Northern Ocean (NOL.OL) is considering raising $71.5 million in gross proceeds through a private placement of new shares. The offering will include an issuance of 104 million new shares at 6.50 Norwegian kroner apiece, according to an Oct. 2 filing. The application period for the private placement will close on Tuesday. In addition, the company secured an agreement with Sterna Finance to upsize its facility to $150 million from $125 million and extend its term by 24 months. The drilling contractor will use the net proceeds to repay the amount drawn under its $35 million bridge facility, pay interest accrued under the current financing from Sterna, finance liquidity requirements until the expected launch of Deepsea Mira's operations in April 2027, and for general corporate purposes.