New York-listed Scorpio will sell the new stock to institutional investors, it said in a statement today.

RS Platou Markets, which has been a key partner of the Emanuele Lauro-led group in the capital markets, is taking charge of the placement.

In total 40 million shares are being sold at $3.75 apiece.

Scorpio says the cash will be used primarily to help fund newbuildings with some potentially going towards other corporate activities.

Analysts