Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLAM.L Share News (LAM)

  • There is currently no data for LAM

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Lamprell encouraged by client demand, announces rights issue

Fri, 16th May 2014 07:09

Oil engineering group Lamprell has started the year well and is encouraged by the on-going dialogue with a number of prospective clients for new projects.It was also upbeat about the recent $390m contract win with Ensco, management told investors in a trading update for the year to May 15th. New projects running on schedule and on budgetOver the latest reporting period the outfit successfully delivered its 15th new build jack-up drilling rig "Qarnin" to National Drilling Company and the 13,000 plus tonne production, utilities and quarters (PUQ) deck to Nexen's Golden Eagle Area Development in the North Sea.Three further new build jackup rigs, one liftboat and two offshore platforms, as well as the largest rig conversion and refurbishment project in Lamprell's history, are scheduled to be delivered in 2014. They were all proceeding according to plan and on budget. Rights issue: Setting the optimal stage for future growth In parallel, the firm has announced that it will pursue a rights issue with the aim of raising gross proceeds of £71.6m. The company explained that the proceeds would be directed at providing a stronger platform from which to refinance its existing debt with the aim of optimising its long-term capital structure and supporting the company's growth. More specifically, of the above amount $60m is to go towards a yard investment with the remainder to be used to help repay in full the borrowings under term loan facility B.Existing funded facilities will be replaced with a $350m facility, which will sit alongside any continuing bilateral unfunded facilities. Additionally, its lending banks will arrange a further $250m bonding facility, a part of which is committed.That may be used for project bonding requirements under new contract awards.The funding arrangement is conditional on the completion of the rights issue. AB
More News
14 Jun 2018 15:18

Blofeld Investment Management Lifts Stake In Lamprell To 10% (ALLISS)

LONDON (Alliance News) - Lamprell PLC on Thursday said Blofeld Investment Management Ltd increased its interest in the oil rig construction company by approximately 5%.Blofeld upped its to

Read more
23 May 2018 14:58

Lamprell Appoints Debra Valentine As Senior Independent Director

LONDON (Alliance News) - Lamprell PLC said Wednesday it has promoted independent Non-Executive Director Debra Valentine to senior independent director.Valentine, who has been on the board

Read more
22 Mar 2018 15:44

LIVE MARKETS-A question of trust

* European stocks extend losses * Tech, banks hit by trade fears * Euro zone growth slows again in March * U.S. to sign tariffs on China at 1630 GMT * 22

Read more
22 Mar 2018 14:42

LIVE MARKETS-View from the buyside: stick with Europe and banks

* European stocks extend losses * Tech, banks hit by trade fears * Euro zone growth slows again in March * U.S. to sign tariffs on China at 1630 GMT * 22

Read more
22 Mar 2018 13:51

LIVE MARKETS-Is it all doom and gloom for Ted Baker after all?

* European stocks extend losses * Tech, banks hit by trade fears * Euro zone growth slows again in March * U.S. to sign tariffs on China at 1630 GMT * 22

Read more
22 Mar 2018 11:41

Lamprell Enters "Critical" Year After Wind Farm Project Struggles

LONDON (Alliance News) - Oil rig constructor Lamprell PLC's shares fell on Thursday as it reported revenue more than halving in 2017 on the year before as it counted the a

Read more
22 Mar 2018 08:20

UPDATE 1-Lamprell forecasts bigger drop in 2018 revenue, shares down

March 22 (Reuters) - British oil rig builder Lamprell forecast a bigger drop in full-year revenue on Thursday, partly due to delays in major project awards, sending its shares down 9 Arab company

Read more
22 Mar 2018 07:43

UPDATE 1-UK Stocks-Factors to watch on March 22

March 22 (Reuters) - Britain's FTSE 100 index is seen opening 22 points lower on Thursday, according to financial bookmakers, with futures down 0.4 pct ahead of the cash a

Read more
22 Mar 2018 07:27

Lamprell expects lower revenue in 2018, posts loss in 2017

March 22 (Reuters) - British oil rig builder Lamprell said on Wednesday it expects lower revenue this year and posted a core loss for 2017, hurt by lower spending by oil explorers and losses at a

Read more
15 Mar 2018 15:48

UK Earnings, Trading Statements Calendar - Next 7 Days

Friday 16 March MITIE GroupTrading Statement JD WetherspoonHalf Year 19 Technologies

Read more
23 Jan 2017 09:06

Lamprell tanks as it says FY revenue will be at lower end of guidance

(ShareCast News) - Engineering services group Lamprell tanked on Monday after it said revenue for 2017 is likely to be at the lower end of its guidance amid challenging market conditions. The company said the current market was pointing towards the lower half of its revenue guidance range of $400m t

Read more
27 Nov 2016 18:22

Saudi Arabia's maritime complex seen costing over $5 bln- minister

DHAHRAN, Saudi Arabia, Nov 27 (Reuters) - Saudi Arabia expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5.33 billion), energy minister Khalid al-Falih said on S

Read more
25 Nov 2016 10:37

WINNERS & LOSERS SUMMARY: AstraZeneca Up As Liberum Says Undervalued

Read more
25 Nov 2016 08:25

BUZZ-Lamprell: hits 6-mth high on contract win

** Oil-rig builder Lamprell's shares up 9 pct, highest in more than 6 months, as co wins ScottishPower Renewables contract ** Co says gets $225 mln offshore wind farm contract ** More than 1/5 th 30-day avg vols gone through in first 10 minutes; best day in nearly two months **

Read more
25 Nov 2016 07:36

Lamprell wins North Sea wind farm project

(ShareCast News) - Lamprell has been awarded a new contract from ScottishPower Renewables for the fabrication of multiple jackets and piles for the East Anglia One offshore wind farm in the southern North Sea. The large-scale project, which is aiming to be the best value offshore wind farm to go int

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.