John Fredriksen is set to add a new public company to his empire with distressed rig vehicle Northern Drilling raising capital fresh from its debut purchases.

Northern Drilling — the public face of what Fredriksen first called Sandbox in 2015 when setting up a company to hunt offshore investments in a poor market — has this week collected $230m from investors.

Fredriksen tells Trade-Winds that the distressed asset vehicle will be listed on the Oslo Stock Exchange by the end of 2017.