NORWAY - HitecVision backed Noreco holds private placement

The placement is directed towards institutions and professional investors, with minimum subscription of EUR 50,000. It will be carried out as a book-building process with a price range of NOK 125-145 per share.

The board of directors will make a final decision on the share price and offer price and announced through a stock exchange notice following the end of a book building period. The gross proceeds from the private placement will be in the range of NOK 400 and NOK 700m based on the indicated price, which Noreco has also applied for a public listing on Oslo Børs.

The application is expected to be considered at the meeting of the board of directors of Oslo Børs the 24th of October 2007. Oil service business Noreco first received NOK 500m in an early-stage funding round from 3i, HitecVision and Lyse Energi in 2005.

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