Lamprell misses $26.4m loan facility repayment

28th Jun 2022 08:32

(Sharecast News) - Energy industry services supplier Lamprell has missed a $26.4m repayment due on Monday for its UAE Export Credit Agency debt facility.

The company agreed a $45m facility in October 2021 to assist with the working capital requirements of the two International Maritime Industries newbuild jackup rigs which are currently under construction at its Hamriyah yard.

Under the terms of the facility, it was required to make an initial milestone repayment of $26.4m on Monday, but Lamprell said it had not made the repayment and continues to work with the lending banks and Blofeld - which owns a 25% stake in the firm - in connection with an extension to the payment date.

"The group also continues to engage with Blofeld regarding an interim funding solution or bridge financing in connection with a possible offer to acquire the entire issued and to be issued share capital of Lamprell," It said.

At 0840 BST, the shares were down 5.6% at 5.89p.

Lamprell shares tanked on Friday after it said it was exploring funding options and that it had received a bid approach from major shareholder Blofeld at a "very significant" discount.