29 Mar 2022 08:15
29 March 2022
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
DELAY OF FINANCIAL RESULTS TO PROGRESS FUNDING AND STRATEGIC OPTIONS
Lamprell plc announces that publication of results for the year ended 31 December 2021 will be delayed in order for the Board to continue progressing potential financing and strategic options.
Separately, the Group has received an early-stage proposal for a potential sale of a majority stake in its Oil & Gas business and has entered preliminary discussions with an interested party. As previously announced, the Group is progressing a financing strategy which may include additional equity, monetising assets, project specific financing, including small working capital facilities with Saudi banks, and hybrid facilities with a view to concluding these options in Q2 2022.
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Notes to editors
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 5,000 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").