5 October 2021
("Lamprell" and with its subsidiaries the "Group")
Further to the announcement on 31 August 2021, Lamprell is pleased to provide a funding update.
The Group has agreed, in principle, the structure and commercial terms of a USD 45 million UAE Export Credit Agency backed revolving trade loan facility with two regional banks (the "Initial Facility"). The Initial Facility will assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at the Group's Hamriyah yard.
As part of the terms of the Initial Facility, there is an option of a further USD 45 million accordion funding arrangement subject to the provision of additional security to the banks similar to that for the Initial Facility, which will be agreed in due course and is expected to be available in Q1 2022.
The drawdown of the Initial Facility will be conditional on, amongst other things, the Group successfully completing a 19.99% equity raise. As previously announced, the Company expects to undertake the equity raise in Q4 2021.
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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")."