The new shares are being placed with Viking Shipping in two tranches, at $1.35 each – 9% higher than the company’s recent share price.

Viking has already completed the first tranche, worth $35 million, and agreed to a further $58 million placement before the end of the month.

Under the terms of the second tranche, Nexus has agreed to enter an exclusive arrangement with a subsidiary of Viking for the supply of an FPSO for Crux.

Once both tranches are complete, Viking will own 15%, or 68.7 million ordinary shares, in Nexus.

Proceeds from the placement will be used to fund further development of Nexus’ Crux gas/condensate and Longtom projects.

Nexus added that it hoped to develop a strategic relationship with Viking, which it said had extensive experience and relationships in the shipping business.

“Viking is highly motivated to assist us with the development of the Crux liquids project and other potential projects which require floating production solutions,” Nexus managing director Ian Tchacos said.

“It is an important milestone in bringing the very significant and valuable Crux project closer to development.”