It followed a placement in November to institutional investors of 14.7 million shares which raised $5 million. Mermaid said both raisings were oversubscribed.

“The funds will strengthen Mermaid’s balance sheet in preparation for a number of new vessels, costing in the region of $25m which are being acquired or built over the next 18 months and which will come into service progressively over that period,” said the company.

Mermaid said with one exception the vessels will take up long term contracts immediately upon their delivery in Western Australia.

“To avoid significant scaling back, the board has resolved to increase the offer limit under the plan from $2 million to $3.5 million taking the total funds raised to $8.5m. The company favours maximum shareholder participation in any equity raising exercise and is pleased to have experienced this level of interest from the wider shareholder base.