Lamprell plc Update on the balance sheet recapitalisation (1919K)
31 August 2021 - 4:00PM
UK Regulatory
TIDMLAM
RNS Number : 1919K
Lamprell plc
31 August 2021
31 August 2021
LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")
Update on the balance sheet recapitalisation
Further to the announcement on 3 August 2021, Lamprell provides
an update on progress with its balance sheet recapitalisation
plans.
The Group continues detailed discussions with three regional
banks on USD 90 million of Export Credit Agency backed working
capital facilities for the completion of the two IMI rigs. These
facilities are expected to be comprised of two equal tranches and
conclude in Q3 2021 and Q4 2021 respectively.
The Board remains confident in the successful completion of the
ongoing debt discussions and is also evaluating alternative ways of
monetising existing assets and investments to minimise the size of
the equity raise.
As previously announced, the Group expects to raise a minimum of
USD 30 million through equity in Q4 2021. The details of any
potential equity raise are subject to market conditions and will be
announced in due course.
In the meantime, management of working capital remains the
Group's priority. Net cash at 28th August was USD 79.3 million (USD
81.1 million at end of June 2021) and the Group continues to take a
disciplined approach towards cash collection, with significant
contract receipts received in August and further receipts expected
from ongoing projects throughout the rest of the year.
- Ends -
Enquiries:
Lamprell plc
Maria Babkina, Investor Relations +44 (0) 7852 618 046
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Guy Bates
Martin Pengelley
Notes to editors
Lamprell is a leading provider of services to the international
energy sector. Driving strategy and growth through its Renewables,
Oil & Gas and Digital business units, underpinned by almost
half a century of expertise, the Group has worked hard to establish
its reputation for delivering projects safely, on time and to
budget.
The Group has firmly established its international credentials
in the renewables sector as well as continuing to build on its
traditional oil and gas credentials. We are recognised for building
complex offshore and onshore process modules and platforms,
fabricating and refurbishing jack-up rigs and liftboats.
Lamprell employs more than 5,000 people across multiple
facilities, with its primary facilities located in Hamriyah, in the
UAE. Combined, the Group's facilities cover approximately 800,000m2
with over 1.5 km of quayside. In addition, the Group has facilities
in Saudi Arabia (through a joint venture agreement). Lamprell is
listed on the London Stock Exchange (symbol "LAM")."
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END
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