Hunter Group plans to float new shares to raise NOK 520m ($65m), with a backstop coming from Arne Fredly’s Apollo Asset.

Hunter has retained Clarksons Platou Securities, Pareto Securities, Fearnley Securities and DNB Markets as lead managers and bookrunners for the offering while Clarksons will act as selling agent.

Hunter will put the proceeds toward instalments on seven VLCC newbuilding contracts that are to be delivered from DSME next year.