The board of engineering firm Cosalt yesterday said it had agreed the terms of a new short-term revolving credit deal of up to £1million provided by Oval, a company owned by its chairman David Ross.
Shares in Aberdeen firm Offshore Hydrocarbon Mapping (OHM) shed more than one-third of their value yesterday after it said it might need more money to ease a cashflow squeeze.
OIL explorer Petrel Resources said yesterday it had raised more than £1.8million through the placing of shares with three long-standing institutional shareholders.
Just because of healthy backlogs for 2009 and 2010, the subsea sector is not immune to the triple whammy of recession, the financial crisis and the current oil-price slump.
