Aberdeen-based engineering firm Plexus Holdings is to expand into Asia after raising almost £7million from a new share issue.
The company has set its sights on launching a new hub for an assault on the Asian markets, after finding success with its Pos-Grip wellhead system in the North Sea.
Plexus will also fund the remaining phase of its joint industry project to develop a simpler subsea wellhead system, with costs of up to £2million over the next 18 months.
The company confirmed it had raised around £6.83million before expenses following the placing, which will fund a rental inventory and allow the company to set up offices and staffing in the Far East.
“The new equity finance will help to accelerate our pursuit of new business opportunities, whilst increasing our global reach,” said chief executive Bert van Bilderbeek.
“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, HGSS, utilising Plexus’ patented POS-GRIP technology.
“We believe our planned entry into the fast growing and sizeable subsea market will be a major milestone for the Company, and it is particularly beneficial to have a number of global oil and gas operators such as ENI, Maersk, Shell, and Total working alongside our own design engineers as consulting partners to the project.”