13 May 2021
("Lamprell" and with its subsidiaries the "Group")
UPDATE TO RELEASE DATE OF THE 2020 FINANCIAL RESULTS
As disclosed in the announcement of 14 January 2021, following the strategic reorganisation of the Group the Board has been exploring how best to finance the three business units given their different priorities and capital requirements.
In line with this previously indicated position, the Group has been actively progressing the establishment of an export credit agency backed working capital facility (the "Facility") with certain relationship banks (the "Banks"). The purpose of the Facility is to provide additional funding for the IMI rigs project. The Facility is in advanced stages of negotiation and approval by the Banks is expected shortly.
As a result, given the importance and materiality of the Facility and the current status of negotiations, a short delay has been requested by the Group's auditors, Deloitte, supported by the Board of Directors, in the finalisation of the audit and publication of financial results for the year ended 31 December 2020, previously scheduled for 18 May 2021.
A revised publication date will be confirmed as soon as possible and the Group will provide an update on the progress of the working capital facility discussions at the earliest opportunity.
- Ends -
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Notes to editors
Lamprell PLC, based in the United Arab Emirates ("UAE") and with over 40 years' experience, is a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. The Group has established leading market positions in the fabrication of shallow-water drilling jackup rigs, liftboats, land rigs, and rig refurbishment projects, and it also has an international reputation for building complex offshore and onshore process modules and fixed platforms.
Lamprell employs around 5,000 people across multiple facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement). Combined, the Group's facilities cover approximately 828,000 m2 with 1.6 km of quayside.
Lamprell is listed on the London Stock Exchange (symbol "LAM").