InfraStrata is seeking to raise over £13m to carry out material fabrication after securing a contract with Saipem for jackets for the 450MW Neart na Gaoithe offshore wind project off Scotland.
The £26m contract with Saipem is the first major one for InfraStrata, which acquired the Harland & Wolff shipyard in Belfast in December 2019.
InfraStrata now has the largest fabrication footprint across the UK, increasing its ability to tender for offshore wind projects, having since acquired additional sites across the UK, including Appledore in North Devon, Methil (east coast Scotland) and Arnish (west coast Scotland),
The fundraising will enable InfraStrata to satisfy the performance bond required for phase one of the Saipem contract, provide capital expenditure for site improvements to ensure that the works can be carried out to the requisite standard and additional working capital to support enlarged business activities.
InfraStrata intends to raise an expected minimum of £9m by way of a placing of a minimum of 30,000,000 new ordinary shares at a price of 30 pence per share to existing and new investors, in two tranches, of approximately £3.6m and £5.4m.
It is also planning an open offer of up to 13,567,696 new ordinary shares to be issued to qualifying shareholders at a price of 30 pence per share to raise up to an additional £4.1m.
A circular containing further details of the fundraising and the general meeting to be held on 24 May 2021 is being posted to shareholders on or around 6 May 2021 and will be available to view on the company’s website.