4 Aug 2022 16:33
4 August 2022
LAMPRELL PLC
("Lamprell" or the "Company" and with its subsidiaries, the "Group")
DEBT FACILITY UPDATE
Lamprell confirms that the USD 45 million UAE Export Credit Agency backed revolving trade loan facility (the "Facility") has now been repaid. The facility was agreed in October 2021 to assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at the Group's Hamriyah yard. The repayment follows the USD 145 million Bridge Loan Agreement between Lamprell and two lenders, Maverick Investment Holding Ltd (a company under the control of a member of the AlSayed family) and AlGihaz Holding Closed Joint-Stock Company, which was entered into on 21 July 2022.
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Notes to editors
Lamprell
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 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")."