01/02/2008 - 15:25

Neptune raises $60.8m from share placement

01/02/2008 - 15:25

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Perth-based engineering company, Neptune Marine Services Ltd, has completed the second tranche of a share placement launched in December to raise a total of $60.8 million.

Perth-based engineering company, Neptune Marine Services Ltd, has completed the second tranche of a share placement launched in December to raise a total of $60.8 million.

Including tranche 1, a total of 64.1 million shares were placed at $0.95 each to institutional investors, with Patersons Securities Ltd acting as lead manager to the placement.

Neptune managing director and chief executive Christian Lange said the funds raised from the placement had enabled the company to expand its operational capabilities both within Australia as well as into the lucrative North Sea and European oil and gas markets.

The completion of the placement follows the announcement earlier this week that Neptune had finalised the acquisition of Aberdeen-based subsea and offshore engineering firm, Ross Deeptech Initiatives Ltd.

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