MMA Offshore of Australia is selling shares worth AUD 97m ($73.64m) as part of a refinancing deal with banks.
The OSV company said the stock was being issued at AUD 0.20 per share, against AUD 0.23 on Thursday.
Existing investors can buy up to AUD 74.6m, while an AUD 22.4m institutional placement will also be made.
The cash will repay part of an AUD 30m loan and improve the balance sheet.
