George Economou's Ocean Rig is readying to hive off two drilling rigs into a new entity that will offer equity on the Norwegian over-the-counter equity market.
The new entity, Valiant Offshore, is seeking to raise $175m through offering 17.5 million shares at $10 each. Ocean Rig will buy another 24 million shares at the same price.
Valiant will turn around and buy two Ocean Rig semi-submersible rigs, the Leiv Eiriksson (built 2001) and the laid-up Eirik Raude (built 2002), for $350m consisting of cash and shares.
