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A $35 million share placement conducted over the past three days was oversubscribed. It will be followed by a share purchase plan that could raise a further $5-10 million.
According to HWE chief executive officer Bruce James, the extra funds would boost the company's balance sheet and increase its range of investment opportunities.
It would also mark the start of a new growth phase, after a poor past couple of years.
"Our work on hand position has grown to $3.5 billion with the recent $US1.2 billion KPC (Kaltim Prima Coal) contract for coal mining services in Indonesia and we have a further $400 million of contracts under final negotiation," James said.
