Oil rig maker Lamprell makes progress in debt talks

Jan 31 (Reuters) - Oil rig maker Lamprell said ithad made good progress in talks with lenders to refinance itsdebt, and it was likely to post a 2012 loss in line with itsexpectations.

The company, which negotiated waivers for its bankingcovenants earlier this month, said talks with lenders werecontinuing, even though a deal remained several months away.

The company also said its trading position was stable.

Lamprell said in early January that its working capitalposition had improved significantly in recent months and it hadended 2012 with net cash of about $100 million due to improvedrevenue and tighter financial controls.

It had warned in November that its full-year loss would beseven times bigger than earlier thought - its fifth profitwarning of the year.

Shares in the United Arab Emirates-based company were upabout 3 percent at 126.19 pence at 0906 GMT. The stock lostnearly two thirds of its value last year.