Billionaire Fredriksen Raises Fresh Cash for New Rig Company

By Mikael Holter (Bloomberg) -- Northern Drilling Ltd., a company set up by billionaire John Fredriksen to buy offshore drilling rigs on the cheap, raised 2.03 billion kroner ($250 million) in a private placement to expand its fleet. The company said on Friday it sold 31.8 million new shares at 64 kroner apiece, equal to the stock’s closing price on the Oslo Axess market a … [Read more...]