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.