Northern Ocean raises $71.7M to refinance ahead of Deepsea Mira launch
What's the deal? Northern OceanDealroom has a profile for this one. Try Dealroom → has completed a private placement raising roughly US$82.9M in gross proceeds, the drilling company announced on October 6, 2026. It allocated 105,547,756 new shares at US$0.79 each, with Hemen Holding leading alongside Sterna Finance.
Why now? The raise is part of a broader refinancing. Net proceeds will repay drawn amounts under a bridge facility, cover accrued interest, and fund liquidity until the Deepsea Mira drilling unit is expected to begin operations in April 2027.
What's the endgame? Alongside the placement, Northern Ocean agreed with Sterna Finance — affiliated with Hemen — to amend and extend its existing financing. Total commitments rise from $125 million to $150 million, with the term extended by 24 months.
The amended facility comprises a $100 million term loan, a $35 million bridge facility, and a $15 million factoring facility against approved client invoices. Approximately $11.7 million of payment-in-kind interest will be settled on completion.
By the numbers: Following the issuance, Northern Ocean will have 408,763,148 shares outstanding, each with a par value of $0.50. Pareto SecuritiesDealroom has a profile for this one. Try Dealroom → acted as global coordinator and bookrunner.
The signal: At $71.7 million, the round sits in the top 5% of non-VC private placements by energy companies based in Bermuda over the past 48 months, across 2,687 comparable deals. It marks a sizeable capital injection as the company moves to bring new offshore capacity online.
Read more: hk.marketscreener.com
Image credit: Northern Ocean
