The Offshore oil services firm, a unit of Norway's Solstad Offshore, is looking to raise US$150m in its IPO, a source close to the deal said. Solstad, which is also selling shares in the IPO, currently owns 50% of NOR. NOR is looking to price the issue in the middle of Dec, the source said.

NOR has six vessels and plans to use the proceeds to expand its fleet, according to its prospectus. UBS and Singapore's DBS are lead managers for the IPO. S'pore is seen to be an increasingly popular venue to raise capital for Asian oil services firms and hosts many such companies on its stock exchange.