Aberdeen oil and gas engineering service firm Plexus Holdings says it had raised about £6.83million, before expenses, through a share placement.
The company plans to use the proceeds to support a growth strategy focused on expanding both the international reach and the range of applications of its Pos-Grip oil and gas wellhead technology.
Some of it will be used to set up a rental operation in Singapore, which will form a new Asian hub for the firm.
Plexus said it would also use cash for a joint industry project (JIP) and ongoing expansion of its wellhead exploration equipment rental fleet in Aberdeen. Chief executive Ben van Bilderbeek said: “I am delighted by the strong support received from both existing shareholders and new institutional investors for this £6.83million placing.
“This shows that the investment community recognises the substantial progress we have made to date as a leading oil and gas wellhead service company. Most importantly, it shows the significant growth potential – both organically and via future licensing and joint venture agreements – of our unique and proprietary Pos-Grip wellhead technology, which I believe is capable of transforming the oil and gas wellhead services landscape across exploration, production and subsea drilling applications.”
He added: “The new equity finance will in turn help to accelerate our pursuit of new business opportunities, whilst increasing our global reach.
“We are currently strengthening Plexus’ presence and marketing activities in the important Asian growth region, particularly Singapore, Malaysia, Brunei, and Australia. In addition, we are making excellent progress with our JIP, where we are working alongside six major oil and gas companies to develop and commercialise a new and safer subsea wellhead.”
The firm’s Pos-Grip systems have been used in hundreds of oil and gas wells by a raft of multinationals.