Neptune has already rasied $61 million through issuing shares to institutional and sophisticated investors, and is now offering existing shareholders up to $5000 worth of new shares each in a shareholder purchase plan that could raise up to $23 million.

Meanwhile, Neptune has denied a media report suggesting its proposed acquisition of Fremantle-based Sea-Struct was unlikely to proceed.

Neptune pointed to an article in the West Australian newspaper on Thursday December 13 that said the acquisition may not proceed.

While the company said the report was incorrect, but it did concede that the settlement of the $17 million takeover would be delayed due to completing the legal diligence.

“Neptune wishes to clarify that the proposed acquisition of Sea-Struct, announced on October 1 remains on track,” it said.

“The delay is purely legal and has not diluted the enthusiasm of the vendors of Sea-Struct to conclude the acquisition as soon as it is legally possible.”

In the meantime, Neptune said it has continued to partner with Sea-Struct on several projects, having recently worked together on the Pohokura project and currently on the Kupe Project, both of which are in New Zealand.

“Together the businesses are also tendering on several projects in Australia and South East Asia,” Neptune said.

“Sea-Struct’s order book and commercial operations remain robust.”

Once completed, this would be Neptune’s seventh takeover in 20 months.

The Ross Deeptech Inititatives deal would be its eighth. Ross Deeptech manufactures specialist subsea and offshore oil and gas equipment.

It also provides support services for production, drilling, diving, construction and intervention projects in deepwater areas including the west of Shetland, Norway, Gulf of Mexico, West Africa, Canada, Egypt and Australia.

The company has a team of 95 staff operating in four locations throughout the UK.

Sea-Struct manufactures, supplies and installs pipeline and cable stabilisation protection and erosion control products for the subsea oil and gas sector and the broader marine services market.

Headquartered in Perth, Neptune currently has 350 staff, but is expected to soon add another 125 people.

The company has three divisions - Diving Services, Marine, and Engineering Services & Remote Systems - and an emerging global presence with operations in Australia, the US and soon Asia and the North Sea.