Plexus Holdings said today it had raised £6.2million in a share placing.
The Aberdeen-based oil and gas engineering service business said the cash, from a sale of new and existing ordinary shares, would be used to support its international growth strategy and the use of its proprietary Pos-grip wellhead technology.
This would include its HGSS joint industry project, to develop a subsea wellhead design initiative, and other product and growth projects, Plexus said.
It would also aid liquidity in the firm’s shares and brought in blue-chip investors, said chief executive Ben van Bilderbeek.
The firm also announced its chairman, Robert Adair, would be retiring as a director and chairman on or before June 30.
A search for a new chairman has been launched.
The firm said its existing working capital will be used to:
Complete the up to 20,000 psi high pressure/ high temperature mudline tieback project to enable, for the first time, high pressure high temperature exploration wells to be converted into subsea or platform producing wells, with commercialisation targeted for 2012.
Increase the company’s rental Pos-grip wellhead equipment inventory and look to establish an additional service base to serve international markets.
Potentially extend the range of Pos-grip technology applications to uses such as valves, connectors, tanker mooring systems, CO2 storage, geothermal and fracking.
Invest further in personnel and infrastructure to support the company’s commercial activities.
Mr van Bilderbeek said: “We have identified a number of new initiatives and product development opportunities that we believe will aid the roll out and adoption of our Pos-grip technology by multinational oil and gas operators, expand our product offering to include more diverse applications and in turn fuel Plexus’ growth.”
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