Source - LSE Regulatory
RNS Number : 0298O
Lamprell plc
05 October 2021
 

 

 

5 October 2021

 

LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")

 

FUNDING UPDATE

 

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.

 

 

- Ends -

 

 

Enquiries:

 

Lamprell plc

 

Maria Babkina, Investor Relations

+44 (0) 7852 618 046



 


Tulchan Communications, London

+44 (0) 207 353 4200

Martin Robinson


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")."

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDGSBDGCBGDGBU
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.