Sevan Marine has cancelled its plans for a secondary share offering, Reuters reports. The Norwegian oil services company had planned the initial public offering for its Sevan Drilling unit. Sevan Marine had hoped to raise around $100 million in a secondary sale, after the spinoff of the new drilling unit was fully subscribed at $2.18 per share, raising over $350 million. Sevan Marine will keep a 37% ownership stake instead of the 10% it had expected, had the sale of its own shares been completed.

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