Bombed-out oilfield services group Global Marine Energy has raised £4.75 million to service contracts, meet liabilities and provide working capital.

Marine Energy, formerly MOS International, intends to raise £2.38 million in an oversubscribed placing at 0.17p and another £2.38 million at the same price in a second placing, which is conditional upon shareholders agreeing to an increase in the company’s authorised capital. Chairman Philip Wood has also agreed to convert a £300,000 loan to the company, plus accrued interest, into 117 million shares at 0.17p.

Noble & Co advised Global Marine on the placing. It follows a painful rationalisation and restructuring, which cost the company more than £2 million.

After this bloodbath, acquisitive Global Marine, floated four years ago at 4p as MOS by broker Seymour Pierce, has lately been experiencing a certain upturn in its business. Patriot Mechanical Handling, the company's US subsidiary, won a £360,000 Brazilian order the other day to install guideline winches and fingerboard equipment for offshore semi-submersibles.

Advisers suggest more orders for Patriot are imminent.

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