Marco Polo Marine secures $21m for offshore wind expansion

The company issued 144 million shares to fund specialised vessels for renewables.

Marco Polo Marine Ltd raised about $21m through a private share placement to fund capital expenditure and specialised vessels supporting offshore wind projects, with Maybank Securities Pte. Ltd. acting as placement agent, according to a company announcement.

The Singapore-listed integrated marine logistics company issued 144.87 million new ordinary shares at $0.145 per share.

According to Marco Polo Marine, the net proceeds will support its project pipeline and expansion plans, including investments in specialised vessels serving offshore wind developments.

The placement attracted institutional investors including Areca Capital, Asdew Acquisitions, Astral Value Fund VCC, Evolve Capital Management, Ginko-AGT Global Growth Fund, ICH Synergrowth Fund, Lion Global Investors Ltd, and Value Partners Hong Kong Limited, alongside other corporate and individual investors.

Chief executive Sean Lee said the funds will support the company’s project pipeline and expansion plans.

“We are delighted with the strong support for our private placement, which reflects a clear endorsement of our vision and strategy,” Marco Polo Marine CEO Sean Lee said.

“This successful fund-raising exercise provides us with the capital to pursue our pipeline of value-accretive projects,” he added.

Aditya Laroia, CEO of Maybank Securities, said the investor response reflects market confidence in the company’s strategy and offshore marine business.