The Lamprell Group has played an important role in the development of the offshore industry in the Arabian Gulf for over 30 years, providing increasingly specialised services to the offshore oil industry. Lamprell is managed by British nationals, with its corporate headquarters in Sharjah, one of the United Arab Emirates, Lamprell operates a full service jackup rig refurbishment facility in Sharjah and a modern, well equipped fabrication facility in Jebel Ali Free Zone, Dubai.

Lamprell located in the most important oil and gas region in the world, in one of the key commercial centres in the UAE.

Lamprell has its own core skilled and experienced workforce as well as access to additional skilled labour from the local labour supply market.


AIM Rule 26 Disclosure

This, in addition to the Group�s safety focused culture and experienced project management skills, helps to ensure customer satisfaction is maximised whilst risks are reduced.

Lamprell has built up its strong market position by offering a differentiated service to its clients based on safe working practices and completing projects on time, on budget and to a high quality. Accordingly, we believe that the Company has established a position of sustainable competitive advantage in the region.

Link copied - Jack-up rig builder Lamprell seeks to diversify

Skinny,
I've always thought that this one http://www.moneyam.com/InvestorsRoom/posts.php?tid=10264#lastread is the better one to trade in the sector, not least because the spread is reasonable and theres no stamp duty (for us share traders that is).

.

Thanks Stan - I do follow PFC loosely, but haven't traded it recently and I do buy shares! :-)

Yes that no stamp duty is a real bonus as you can imagine when trading.

Yes Non UK domiciled companies don't 'attract' stamp duty - quite a few of the investment trusts that I hold fall into this camp.

Looking good. Hoping all markers stay above 200 DMA. (when they get there!)

Interim management Statement

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, today publishes its Interim Management Statement for the period from 1 January to 15 May 2014.

Summary and outlook

The Company has started 2014 well and has made good progress delivering its strategy. In April, the Company announced a US$390 million contract award (excluding options) with Ensco and we are encouraged by the ongoing dialogue with a number of other prospective clients for new projects where we are in advanced discussions. With the Group's continued focus on its core markets and key strengths, the performance of the Company for 2014 remains in line with the Board's expectations.

Rights Issue

The Company announced separately today that it will pursue a rights issue which will raise gross proceeds of approximately US$120.3 million (£71.6 million) ("Rights Issue"). After the payment of fees and expenses of approximately US$8.1 million (£4.8 million) in connection with the Rights Issue, the Company intends to use the net proceeds of the Rights Issue as follows:

- US$60.0 million will be used for a yard investment programme, including a new panel line, newer welding processes, an improved electrical distribution system and improved cutting and blasting and painting facilities, as well as supporting operational systems, with an expected payback period of three to four years;
- US$10.6 million will be used to repay in full the borrowings under term loan facility B, after the repayment of US$ 49.5 million out of the proceeds of the disposal of the "Inspec" service business earlier this year; and
- the balance will be used, together with the new debt financing facility detailed below (once fully unconditional and committed), to strengthen the Group's balance sheet by providing it with a more cost effective and sustainable capital structure to enhance the Group's working capital flexibility.

Operational update

The Group has performed well since the start of the year, building on the operational successes in 2013. We have delivered two major projects during the relevant period in line with expectations, on schedule and on budget.

Lamprell successfully completed the "Qarnin" jackup rig, a LeTourneau Super 116E (Enhanced), to our largest client, National Drilling Company, in February 2014. The project represents the 15th new build jackup drilling rig that Lamprell has successfully delivered since 2006.

In April 2014, the Group delivered the 13,000 plus tonne production, utilities and quarters ("PUQ") deck to Nexen as part of the Golden Eagle Area Development in the North Sea. Our safety record on the combined Nexen project (namely the wellhead platform delivered in June 2013 and the PUQ deck) has been world class as we reached the milestone of ten million man-hours without a lost time incident. In delivering this project, Lamprell achieved a world record for the heaviest load moved by self-propelled modular trailers.

Three further new build jackup rigs, one liftboat and two offshore platforms, as well as the largest rig conversion and refurbishment project in Lamprell's history, are scheduled to be delivered in 2014 and all are currently proceeding according to plan and on budget.

We have seen a strong demand for our products and services in our core markets, as demonstrated recently by the Group securing a major order with the world leading drilling contractor, Ensco, for two Super 116E high specification jackup rigs with two options (to be exercised with six months of contract award). The contract value is approximately US$390 million excluding the options. Although Ensco has previously been a customer for our rig refurbishment business, this is the first new build jackup order from Ensco and reinforces the Group's capabilities as a high quality fabricator with a reputation for safety and reliable delivery.

Whilst market conditions remain competitive and delays in construction project awards continue to be a feature of the industry, our order book is healthy and our bid pipeline is substantial, particularly in the jackup rig market. We are in advanced discussions with a number of prospective clients for new projects, which we expect to convert into booked work in the imminent future.

Consistent with the Group's strategy and as announced on 3 March 2014, we entered into an agreement to sell the non-core "Inspec" service business for US$66.2 million. This resultedin the early repayment of a substantial part of the high cost portion of our existing debt facility.

Refinancing

The proceeds from the Rights Issue will also provide a stronger platform from which to refinance the Group's existing debt facilities. It is important for the Group to secure an optimum competitive long-term capital structure in order to maximise its long-term growth potential. Accordingly, we are also pleased to announce today that the Company has recently signed a commitment letter and detailed heads of terms in respect of, a new secured, fully-underwritten banking facility with three of our core lending banks.

The proposed funding arrangements will replace the Group's existing funded facilities with a US$350 million facility and will sit alongside any continuing bilateral unfunded facilities. In addition, the lending banks have agreed to use best efforts to arrange a further US$250 million bonding facility, part of which is committed, which may be used by the Group for project bonding requirements under new contract awards.

The proposed funding arrangements are subject to the completion of the Rights Issue in accordance with its terms, as well as final documentation and to a number of conditions precedent, all which are expected to be completed by early Q3 2014. Provided that the facilities can be finalised, this will provide the Group with significantly more flexibility within its financial covenants than is currently available under its existing facilities and the Board anticipates material savings from reduced interest margins and from lower bonding costs for our projects.

Rights Issue

5 for 16 Rights Issue of 81,363,469 ordinary shares at 88 pence to raise
approximately US$120 million (the "Rights Issue")

The Board of Lamprell plc ("Lamprell" or the "Company", and together with its subsidiaries, the "Group"), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable industry, today announces a fully underwritten Rights Issue to raise gross proceeds of approximately £71.6 million (US$120.3 million). In conjunction with a debt refinancing also announced by the Company today in its interim management statement for the period from 1 January 2014 to 15 May 2014, the Rights Issue is intended to provide a stronger platform for the successful execution of the Group's growth strategy.

Highlights

· Enables the Group to deliver on its growth strategy by improving its competitive position through operational improvements and financial flexibility.
· Intention to raise gross proceeds of approximately £71.6 million (US$120.3million), facilitating its debt refinancing of US$350.0 million.
· Will allow the Group to repay in full the borrowings under term loan facility B of its Existing Facilities, as well as reducing the Group's financing costs.
· Supports the implementation of the Group's strategy to improve profitability.
· Rights Issue expected to be earnings accretive for the Group over the medium-term.
· Supported by the Principal Shareholder.

Rationale for the Rights Issue

· Following the Company's return to profitability, the focus is now on generating sustainable long-term growth and the additional funding will put the Group on a stronger footing to deliver its strategy.
· The Rights Issue will provide Lamprell with funds to support a capital investment programme to improve productivity, reduce operating costs, repay certain of the Group's borrowings and to strengthen the Company's balance sheet and working capital flexibility.
· More specifically the Rights Issue will allow the Group to:
o implement a programme of automation, productivity improvement and cost reduction to enable the Group to leverage its current strong position in its core markets, particularly in the new build jack-up rigs and offshore construction markets;
o place itself in a stronger competitive position by allowing it to offer its customers a solution for new build jack-up rigs which combines high build quality, world class safety, timely delivery, as well as additional commercial optionality; and
o maintain a more cost effective and sustainable capital structure and enable further enhanced working capital availability, which would enable the Group to access a larger addressable market and support additional project wins.

Details and use of proceeds

· 5 for 16 fully underwritten Rights Issue of 81,363,469 New Ordinary Shares at 88 pence per New Ordinary Share to raise gross proceeds of approximately £71.6 million (US$120.3 million).

· The Issue Price of 88 per New Ordinary Share represents a discount of 39.7 per cent. to the closing price on 15 May 2014, and a 33.4 per cent. discount to the theoretical ex‐rights price.

· The Rights Issue will raise gross proceeds of approximately £71.6 million (US$120.3 million). After the payment of fees and expenses of approximately £4.8 million (US$8.1 million) in connection with the Rights Issue, the Company intends to use the net proceeds of the Rights Issue as follows:
o US$60.0 million will be used for a yard investment programme, including a new panel line, newer welding processes, an improved electrical distribution system and improved cutting and blasting and painting facilities, as well as supporting operational systems, with an expected payback period of three to four years;
o US$10.6 million will be used to repay in full the borrowings under term loan facility B of its Existing Facilities, after the repayment of US$ 49.5 million out of the proceeds of the Inspec Disposal; and
o the balance will be used, together with the New Facilities (once fully unconditional and committed), to strengthen the Group's balance sheet by providing the Group with a more cost effective and sustainable capital structure to enhance its working capital flexibility.

Looks like I spoke too soon. Had it not been for the cash call..........or maybe not as the whole market down! :o(

RIGHTS ISSUE
The Company has announced that it is proposing to raise gross proceeds of approximately GBP71.6 Million by way of a 5 for 16 Rights Issue of New Ordinary Shares at an issue price of GBP0.88 per New Ordinary Share. The Rights Issue has been fully underwritten by J.P. Morgan Cazenove and HSBC. TERMS: 5 New Ordinary Shares for every 16 Existing Ordinary Shares at an issue price of GBP0.88 per New Ordinary Share. Relative Details and Dates: 6 June 2014 - Record Date, 10 June 2014 - Extraordinary General Meeting. You are not required to take any action at this time.

BIG clunk surely in the morning
i'm afraid LAM has staggered from one disaster to another in the last couple of years

Erm - that's last weeks news.

It is last weeks news, but holders have just been notified of the details.
Just dotting the i's and crossing the T's .

Liberum Capital Hold 148.00 148.00 150.00 155.00 Reiterates

Contract Win

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has received a new contract award from a subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling"), for the construction and delivery of two high specification, LeTourneau-designed, self-elevating Mobile Offshore Drilling Platforms of a Super 116E (Enhanced) Class.

The two jackup rigs, designed through collaboration between engineering and operations personnel from Shelf Drilling, Shelf Drilling's customer and Lamprell, will be capable of operating in water depths of up to 350 feet and will be used in constructing wells with maximum drilling depth of 30,000 feet. The rigs will feature fit-for-purpose offshore drilling technology, as well as accommodation for up to 160 people.

Lamprell will fabricate both jackup rigs in its Hamriyah yard, located in the United Arab Emirates, and they will be among the first to benefit from the productivity improvements that Lamprell is in the process of implementing. Lamprell is scheduled to deliver the first rig in Q3 2016, while the second rig is expected to be delivered in Q2 2017. The rigs are being constructed for operations in South East Asia. This new contract is valued at more than US$ 370 million.

Liberum Capital Hold 157.00 157.75 155.00 162.00 Reiterates

Looking for a break of 166....180.... then the 'gap' :-)

Well 166 now firmly in the rear view mirror.

Result of AGM