Additional funds for Aberdeen firm

Plexus raises $5m for Russian expansion

Ben van BilderbeekOil and gas technology firm Plexus Holdings has raised $5 million (£3.4m) to build its footprint in the Russian energy market.

The Aim-quoted Aberdeen firm has raised the funds through a discounted share subscription which will see Russian oil and gas equipment maker Gusar take a 7% stake.

Plexus develops wellheads aimed at preventing the type of blowout which caused the 2010 Gulf of Mexico disaster.

It expects the agreement with Gusar – together with a licensing deal with fellow Russian manufacturer Konar – to help diversify its North Sea focused business.

Chief executive Ben van Bilderbeek (pictured) said: “We are pleased to have secured additional funding for Plexus at a time when trading conditions are clearly challenging, and welcome Gusar as a new shareholder.”
Gusar will be entitled to appoint a non-executive director to the Plexus board.

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