UPDATE 2-Sevan Marine surges after $178 mln share issue

* Company says share issue removes uncertainty over projects

* Second equity issue for Norwegian oilfield stocks in week

* New shares priced 12.5 pct below market close on Tuesday

* Shares surge 9 percent on weaker Oslo bourse

(Adds details, quotes, analyst)

By Wojciech Moskwa and Ole Petter Skonnord

OSLO, June 3 (Reuters) - Norwegian oilfield services provider Sevan Marine (SEVAN.OL) raised $178 million in a share issue on Wednesday, removing financial uncertainty weighing on the company and boosting its stock to a new 2009 high.

Like a number of its offshore peers, Sevan Marine has been hit hard by lower energy prices and tougher credit terms, which had curbed demand for its drilling services from oil and gas producers and hurt its plans to build up its fleet of rigs.

It is the second bigger Norwegian oilfield services group to issue shares in a week, possibly marking a switch from past rescue efforts focused mainly on debt restructuring.

"It's very dilutive ... but it effectively removes the risk of default which has been hanging over the company like a dark cloud," Danske Bank analyst Jo Henrik Eriksen said of the issue, which will reduce the company's EPS by some 40 percent.

"Obviously, this sends a signal that there is interest -- this placement was four times oversubscribed and (last week's issue by seismic surveyor Petroleum Geo-Services (PGS.OL)) was five times oversubscribed," Eriksen added.

The share issue raised 1.1 billion Norwegian crowns ($178 million) and was between four and five times oversubscribed, Sevan Marine said.

Some 137.5 million shares were placed at 8 crowns, a 12.5 percent discount to Tuesday's close. Sevan Marine's market capitalisation stood at 1.79 billion crowns on Tuesday.

At 0720 GMT, Sevan shares were up 9.4 percent to 10.00 crowns, 25 percent above the price at the placement and a new 2009 high and up 88 percent from this year's low in February.

"Now we have a basis where we have removed the financial uncertainty regarding Sevan and ongoing projects," Chief Executive Jan Erik Tveteraas told Reuters.

He said the rig market was not as bad as some expected and oil at present levels around $70 per barrel may boost demand.

Tveteraas repeated the company will consider whether to spin off its Sevan Driller II and Sevan Driller III rigs in 2009.

Sevan Marine designs, builds and owns floating rigs for offshore oil and gas exploration, including a cylinder-shaped unit that has won a design phase contract for the largest oil field development in the Barents Sea.

Last month it posted a bigger-than-expected $15 million first-quarter loss before interest and tax and said its main focus was to consolidate ongoing business amid a challenging market. [ID:nL6686465 ]

The private placement was managed by Pareto Securities AS and SEB Enskilda. (Editing by Dan Lalor and David Holmes) ($1 = 6.188 Norwegian crowns)