Offshore Installation Group (OIG) has withdrawn plans for a public listing in Norway, the company revealed Monday.

OIG began in 2009 as an alliance between Peter Harren's H&P and GMS.

It is the second time the German and Norwegian subsea player has been forced to abandon its application with the Oslo Axess, but unlike the previous initial public offering (IPO)- which was postponed earlier this year- OIG's latest listing was pulled just days after executives wrapped-up a roadshow with investors.



In a filing with the Oslo bourse, OIG wrote: "OIG hereby informs that at the expiry of the subscription period, the minimum subscription amount has not been achieved.



"Consequently the company has withdrawn the application for listing on Oslo Axess."



"OIG will now seek other means of financing for the first stages of its growth strategy."



As TradeWinds has reported, the shipowner had been looking to raise around $120m to $140m from the IPO.



Under Oslo Axess listing requirements, the shares for which a listing is sought must be held by at least 100 shareholders.



Additionally, Each patron must a hold units worth at least NOK 10,000 ($1,590) at the time of admission to listing.



Prior to the IPO deadline, which had been set for 8 October, OIG said it needed to raise a minimum of $115m in new equity and complete the previously announced acquisitions of offshore affiliates Dockship II and Global Mooring Services (GMS).



The company, which is based in Oslo, currently controls a fleet of four offshore construction and support vessels.



It isn't clear if OIG intends to continue to pursue its dream of building another three ships.