Kuwait collection for Petrofac
UK contractor Petrofac has collected a new contract with Kuwait Oil Company for work on new oil and gas pipelines.
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Sevan Marine says Luxor now controls 28%
Published 09.06.2009 08:19:01 by Patrick Mcloughlin
Sevan Marine has revealed that US financial institution Luxor Capital says it now controls 28% of the Norwegian oilfield services group, after having exercised its right to buy 24 million convertible bonds.
Luxor said in a statement that the bonds could be converted into 45.9 million Sevan Marine shares, which equates to 23.41% of the Norwegian's equity.
Luxor added that in addition it also held the equvialent of 4.59% of Sevan Marine's shares - or an additional 8.99 million shares.
"Following this acquisition Luxor holds... 28% of the outstanding shares of Sevan," the US fund said in a statement.
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