Investors in Plexus Holdings (LON:POS) failed to see beyond Monday's profit warning despite news that the oil & gas engineer was rolling out its technology in Russia.
The stock, which nearly halved on Monday after Plexus warned that lower demand due to falling oil prices would hit 2016 profits, dropped another 11.75p, or 17.15%, to 56.75p.
Plexus said it had agreed an exclusive licence deal with two independent Russian oil and gas equipment manufacturers to rent, make and service its jack-up drilling wellhead exploration equipment in the Russian Federation andother CIS state oil and gas markets.
The company said the move would allow it to access the Russian and CIS markets without having to invest in manufacturing facilities.
Chief executive Ben Van Bilderbeek said: "Our model enables us, where appropriate, to licence out the manufacture and supply of our patent-protected equipment to enter new markets such as Russia without taking on board undue risk and without significant capital investment.
"Together with our recent agreements to enter the Chinese market and the securing of a local licence with Petronas in Malaysia, we are, despite current challenges and the collapse of North Sea exploration activity, continuing to work on achieving our objective to build Plexus into a leading global supplier of oil and gas equipment."
Plexus is based in Aberdeen, with offices in London, Cairo, Kuala Lumpur, Singapore and a presence in Houston, Texas.
It said on Monday that falling oil prices had triggered a significant slowdown in planned activity by its customers to the extent that it failed to see the reduced activity levels being recovered this financial year as a result of a number of projects being delayed, postponed or cancelled.
In the North Sea, where the company's jack-up exploration drilling wellhead equipment has an almost 100% market share, only six exploration jack-up and semi wells were expected to be drilled in 2016, the lowest number since 1964.
It also reported a slowdown in its rest of the world activities, although it expected the year-on-year decline to be smaller due to its efforts to focus on sales opportunities outside Europe.
"The board therefore anticipates that revenues for H1 FY16 will be below £7 million, and revenues for H2 FY16 are expected to be approximately 20 per cent below those for H1 FY16," it said in Monday's update.