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Plant Offshore plans £22 million flotation

Article Date:  May 08 2007 James Crux

Malaysian oil and gas services provider Plant Offshore is preparing a £22 million AIM flotation, supported by a £2.6 million placing arranged by HB Corporate. The group provides Engineering, Procurement and Construction Management (EPCM) services within the oil and gas and renewable energy industries.

Plant Offshore, which also supplies specialist personnel, will use the funds, raised at a prospective P/E of 12, to expand its geographical reach and intensify its focus on the burgeoning renewable energy market in Southeast Asia. It also aims to boost its recurring revenues through strategic partnerships.

The company recently agreed its first full EPCM deal, worth £14.3 million over 18 months, and has tenders in place for further contracts worth £55 million.

At present, the bulk of Plant Offshore’s business is in Malaysia, although it has also won contracts in Qatar and Indonesia and is presently supplying contractors to Nigeria, Thailand, China and Australia.

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