courtesy Siem Offshore

Siem Offshore has raised NOK 900 million ($140.6 million) by placing shares with big name investors in and outside oil-focused Norway who now own 42 percent of a company poised for growth.

Largest shareholder Siem Industries Inc. still owns 34 percent of a company focused on offshore construction and the fleet that makes the work possible. A slew of new-build offshore construction ships were on order.

“The financing of our extensive newbuilding program now is completed,” company boss Terje Sørensen trumpeted on Wednesday. “We have a solid foundation to further build this company as a leading operator of advanced deep water service vessels to the offshore oil industry."

Despite the fundraising, millions of shares remain to be traded ahead of an expected upswing in oilfield activity and oil prices. Record oilfield investments are seen in Norway and parts of Asia in 2010, around the time when oil prices are again seen peaking.

Offshore construction vessels, a new growth sector, are increasingly seen as a barometer for coming offshore activity.

Tags: Siem Offshore Inc