Lamprell to wrap up talks with lenders
Lamprell, which provides engineering and contracting services to oil and gas industries, is on track to complete discussions with lenders to restructure its debt facilities.
Lamprell, which provides engineering and contracting services to oil and gas industries, is on track to complete discussions with lenders to restructure its debt facilities.
Talks with the banks are expected to wrap up by June 30th, according to a trading update on the year to date Friday.
The group said its financial position remains stable and working capital "continues to be in a healthy position".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Lamprell's major engineering, procurement and construction projects are currently under way in its facilities in Hamriyah, Sharjah and Jebel Ali.
In the year to date, the company has worked on a total of 11 jackup rigs, two at the Hamriyah facility and nine at Sharjah, covering the full range of its repair, upgrade and refurbishment services.
In February, Lamprell secured a new contract with the Jindal group, a key existing customer, for the construction and delivery of mobile offshore drilling platform. The contract also includes an option for Jindal to order a second jackup rig.
The same month the firm successfully delivered a wind turbine installation vessel to shipping company Fred Olsen.
Looking ahead, the company said it is well placed to achieve its 2013 guidance as it maintains a "substantial order book" which stood at $1.2bn at the end of April. The group's bid pipeline at the end of April came to $4.0bn.
The trading update comes two months after James Moffat took over as Chief Executive Officer and Frank Nelson was appointed Chief Financial Officer.
Shares fell 3.22% to 173p at 11:10 Friday.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Renewable investing: who is paying for the green revolution?
Investors in renewables have not been rewarded, says Bruce Packard. Will they fund the government’s plans?
By Bruce Packard Published
-
UK house prices rose 4.6% last year – where did property prices grow most?
House prices increased by 4.6% in 2024, giving an average property price of £268,000. Where did property prices grow the most and will they continue to rise this year?
By Ruth Emery Published