Lamprell plc Update on IMI joint venture (1139F)
November 12 2020 - 4:09AM
UK Regulatory
TIDMLAM
RNS Number : 1139F
Lamprell plc
12 November 2020
12 November 2020
LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")
UPDATE ON IMI JOINT VENTURE
Further to the recent discussions with IMI regarding deferral of
Lamprell's equity contribution to the Saudi maritime yard joint
venture to H2 2021, Lamprell is pleased to announce that it has
agreed to satisfy its contribution of USD 26 million to IMI in the
first half of November 2020, earlier than anticipated. The decision
follows a review of the Group's near term cash flow and improved
project working capital position on the two IMI jack up rigs. Our
guidance on year-end net cash remains unchanged, at similar levels
as at 30 June 2020.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- 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, 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 more than 4,000 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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