Lamprell updates on balance sheet recapitalisation efforts

Lamprell said it was still in "detailed discussions" with three regional banks on $90.0m of export credit agency-backed working capital facilities for the completion of two IMI rigs, with the facilities expected to be comprised of two equal tranches in the third and fourth quarter.

The London-listed group added that it remains "confident" in the successful completion of ongoing debt discussions and was also evaluating alternative ways of monetising existing assets and investments to minimise the size of its expected equity raise, which it anticipates bringing in $30.0m in the fourth quarter of 2021.

"In the meantime, management of working capital remains the group's priority. Net cash at 28th August was $79.3m ($81.1m at end of June 2021) and the group continues to take a disciplined approach towards cash collection, with significant contract receipts received in August and further receipts expected from ongoing projects throughout the rest of the year," said Lamprell.

As of 0900 BST, Lamprell shares were up 1.58% at 38.14p.