LONDON, May 16 (Reuters) - Oil and gas services companyLamprell said on Friday it would raise about $120million from investors for capital investment to improveproductivity, reduce operating costs, and strengthen its balancesheet.
The company said the 5-for-16 rights issue would be pricedat 88 pence a share, a discount of 39.7 percent to the closingprice on 15 May, and it was supported by the group's principalshareholder.
The group also on Friday said 2014 had started well, and itwas performing in line with its expectations. (Reporting by Paul Sandle, Editing by Ron Bousso)
