v3.23.1
Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity
Note 28 - Equity

Authorized share capital

(number of shares of $0.10 each)
20222021
Authorized shares: Balance at the start of the year180,000,000 119,326,923 
Increases:
January 11, 2021— 25,673,077 
June 4, 2021— 35,000,000 
August 16, 202240,000,000 — 
August 25, 202235,000,000 — 
Authorized shares: Balance at the end of the year255,000,000 180,000,000 

Issued and Outstanding Share Capital

(number of shares of $0.10 each)
20222021
Issued : Balance at the start of the year137,218,175 110,159,352 
Shares issued (1):
January 22, 2021— 27,058,823 
January 31, 202213,333,333 — 
August 17, 202241,666,667 — 
August 26, 202234,696,404 — 
August 26, 2022 (2)
(981)— 
Various (ATM Sales) (3)
2,350,000 — 
Issued shares: Balance at the end of the year229,263,598 137,218,175 
Treasury Shares (4)
315,511 406,333 
Outstanding shares: Balance at the end of the year228,948,087 136,811,842 

(1) As of December 31, 2022, our shares were listed on the Oslo Stock Exchange and the New York Stock Exchange. Details of shares issued for the years ended December 31, 2022 and December 31, 2021 are as follows:

(2) Effective August 26, 2022 the company recorded the cancellation of 981 shares which related to fractional shares.
Date of IssueType of ListingExchangeShares IssuedPrice per Share ($)Gross Proceeds ($ millions)
January 22, 2021Private placementOslo27,058,823 1.70 46.0
Date of IssueType of ListingExchangeShares IssuedPrice per Share ($)Gross Proceeds ($ millions)
January 31, 2022Private placementOslo13,333,333 2.25 30.0
August 17, 2022US public offeringNYSE41,666,667 3.60 150.0
August 26, 2022US public offeringNYSE34,696,404 3.60 124.9
Various (ATM Sales) (3)
Us public offeringNYSE2,350,000 3.78 8.9
92,046,404 313.8 

(3) In July 2021, the Company entered into an Equity Distribution Agreement with Clarksons for the offer and sale of up to $40.0 million of common shares of the Company through an ATM program. During various dates during the year ended December 31, 2022, the Company issued 2,350,000 shares raising gross proceeds of $8.9 million and net proceeds of $8.8 million, with compensation paid by the Company to Clarksons of $0.1 million. The average price per share of the sales under the ATM Program for the year ended December 31, 2022, was $3.78.

(4) During the year ended December 31, 2022 and December 31, 2021, the Company issued to directors as compensation 90,822 and 323,525 common shares, respectively, using treasury shares. The value on the date of issuance of $0.3 million and
$0.8 million, respectively, has been recognized in "General and Administrative expenses" in the Consolidated Statements of Operations. The losses on issuance of treasury shares of $3.6 million and $11.7 million has been recognized as a reduction in "Additional Paid in Capital" in the Consolidated Balance Sheets as at December 31, 2022 and 2021, respectively.

Date of Treasury Share IssuanceNumber of Shares IssuedShare Price on Issuance DateValue on Issuance Date ($ million)Book Value ($ million)Loss on Issuance ($ million)
March 18, 2021275,132 $2.4 0.7 10.4 9.7 
July 14, 202148,393 $1.7 0.1 2.1 2.0 
323,525 0.8 12.5 11.7 
October 14, 202290,822 $3.6 0.3 3.9 3.6