Lamprell Provides Funding Update

Source: www.gulfoilandgas.com 10/5/2021, Location: Middle East

Further to the announcement on 31 August 2021, Lamprell is pleased to provide a funding update.

The Group has agreed, in principle, the structure and commercial terms of a USD 45 million UAE Export Credit Agency backed revolving trade loan facility with two regional banks (the "Initial Facility"). The Initial Facility will assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at the Group's Hamriyah yard.

As part of the terms of the Initial Facility, there is an option of a further USD 45 million accordion funding arrangement subject to the provision of additional security to the banks similar to that for the Initial Facility, which will be agreed in due course and is expected to be available in Q1 2022.

The drawdown of the Initial Facility will be conditional on, amongst other things, the Group successfully completing a 19.99% equity raise. As previously announced, the Company expects to undertake the equity raise in Q4 2021.


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