Lamprell plc Update to release date of 2020 Financial Results (5121Y)
May 13 2021 - 1:00AM
UK Regulatory
TIDMLAM
RNS Number : 5121Y
Lamprell plc
13 May 2021
13 May 2021
LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")
UPDATE TO RELEASE DATE OF THE 2020 FINANCIAL RESULTS
As disclosed in the announcement of 14 January 2021, following
the strategic reorganisation of the Group the Board has been
exploring how best to finance the three business units given their
different priorities and capital requirements.
In line with this previously indicated position, the Group has
been actively progressing the establishment of an export credit
agency backed working capital facility (the "Facility") with
certain relationship banks (the "Banks"). The purpose of the
Facility is to provide additional funding for the IMI rigs project.
The Facility is in advanced stages of negotiation and approval by
the Banks is expected shortly.
As a result, given the importance and materiality of the
Facility and the current status of negotiations, a short delay has
been requested by the Group's auditors, Deloitte, supported by the
Board of Directors, in the finalisation of the audit and
publication of financial results for the year ended 31 December
2020, previously scheduled for 18 May 2021.
A revised publication date will be confirmed as soon as possible
and the Group will provide an update on the progress of the working
capital facility discussions at the earliest opportunity.
- Ends -
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as
amended) as it forms part of the domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018 (as
amended).
Enquiries:
Lamprell plc
Maria Babkina, Investor Relations +44 (0) 7852 618 046
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Martin Pengelley
Notes to editors
Lamprell PLC, based in the United Arab Emirates ("UAE") and with
over 40 years' experience, is a leading provider of fabrication,
engineering and contracting services to the offshore and onshore
oil & gas and renewable energy industries. The Group has
established leading market positions in the fabrication of
shallow-water drilling jackup rigs, liftboats, land rigs, and rig
refurbishment projects, and it also has an international reputation
for building complex offshore and onshore process modules and fixed
platforms.
Lamprell employs around 5,000 people across multiple facilities,
with its primary facilities located in Hamriyah, Sharjah and Jebel
Ali, all of which are in the UAE. In addition, the Group has
facilities in Saudi Arabia (through a joint venture agreement).
Combined, the Group's facilities cover approximately 828,000 m2
with 1.6 km of quayside.
Lamprell is listed on the London Stock Exchange (symbol
"LAM").
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END
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