The company said it sold 134m new shares atNOK 9 each in a deal that was “significantly oversubscribed.”

Hemen Holding, a company affiliated with directorKathrine Fredriksen, bought 46.96m shares.

Its stake is now 35.1%.

The cash is being put together with a newloan of $200m to fund a deal for five modern vessels and five newbuildingspriced at $366m.

They are being sold by John Fredriksen’sprivate PSV Holding.