courtesy Badger Explorer

A Stavanger-based oilfield services company boasting a drilling machine that bores into sub-soil like a mole, free of a derrick, listed on the energy-focused Oslo Stock Exchange’s start-cap Axess this week.

Investors helped give Badger Explorer 160 million kroner ($26.2 million) in new capital, on top of what investors gave the company over the two years of product development. A move to the main Oslo burse is seen over the next two years, and the company is already worth 470 million kroner.

Badger emerged from the Stavanger research community, and the new money will make commercial an free-wheeling drilling technology seen revolutionizing the drilling industry. The 20-metre-long tool bores into seabed setting cuttings behind it as it goes.

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Investment capital experts Carnegie ASA and SEB Enskilda managed Tuesday’s stock listing.

ws@oilgas24.com