Singapore-listed oil and gas services company NauticAWT Ltd. signed an agreement Thursday to issue 15 million new ordinary shares at $0.13 (SGD 0.17) to local-based HARPS Holdings Pte Ltd. to raise $1.93 million (SGD 2.61 million).

The firm intends to “use the net proceeds to further supplement and augment the working capital available to the Group in view of the currently challenging and volatile conditions faced by the Group and provide financial flexibility and cash buffer for the Group’s existing operations,” NauticAWT said in a filing on the Singapore Exchange.

NauticAWT offers subsurface, subsea and surface facilities engineering services and contracting solutions for field exploration, field development and field refurbishment.

HARPS is a private investment holding company focused on marine assets and support services as well as upstream asset development. The firm key business areas are in Africa, with activity centered on Nigeria, Ghana and South Africa. HARPS’ subsidiaries are also involved in ship management and marine base developments.

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