Calculus Capital and Saudi Aramco have invested £4m in UK oil and gas company AnTech in a deal made through an enterprise investment scheme led by Calculus.
The £4m funding will be used by Exeter-based Antech to provide products and services to the drilling sector through new drilling tools such as directional coiled tube drilling.
Calculus has invested £2m of the backing of AnTech while Saudi Arabian oil company Saudi Aramco has invested the remaining £2m.
Calculus Capital chief executive and co-founder John Glencross says: “At a time when deserving companies are struggling to raise equity finance, it is encouraging to see how the Government’s EIS policy can deliver in reality.
“Here, not only has it given a small company the finance to grow, but it has also facilitated an inward investment in to the UK from a major corporate, thereby securing employment, creating new jobs and helping to open up a lucrative export market.”
Glencross adds: “The involvement of an industry player as significant as Saudi Aramco also gives an Antech a ‘badge of credibility’ when competing in a global marketplace.”
AnTech was founded in 1992 as a design house by Toni Miszewski, who is managing director.