Leading offshore rig fabricator, Lamprell, has said it is considering an offer from minority shareholder, Blofeld Investment Management, to acquire all remaining shares in the company. The Lamprell Board is considering the offer in view of the group’s problematic liquidity position and a funding requirement of $75 million over the next two months.
Blofeld’s proposal in respect of a possible offer is at a very significant discount to the prevailing share price and any acceptable offer would need to include an interim funding solution or bridge financing, Lamprell states. The parties have been in discussions for more than two months but have not reached agreement on the price or conditions of an offer. The two companies say they will continue to work together to try to reach a solution by way of an updated offer, which also provides a solution to the immediate liquidity needs of the Lamprell group.
Lamprell has a US $45 million UAE Export Credit Agency backed revolving trade loan facility which was agreed in October 2021 to assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at the group’s Hamriyah yard. Under the terms of the loan, the company was required to make an initial milestone repayment of US$26.4 million on 27th June 2022, which it has not made.