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Lamprell Provides Update on IMI Joint Venture

Source: www.gulfoilandgas.com 11/12/2020, Location: Middle East

Further to the recent discussions with IMI regarding deferral of Lamprell's equity contribution to the Saudi maritime yard joint venture to H2 2021, Lamprell is pleased to announce that it has agreed to satisfy its contribution of USD 26 million to IMI in the first half of November 2020, earlier than anticipated.

The decision follows a review of the Group's near term cash flow and improved project working capital position on the two IMI jack up rigs. Our guidance on year-end net cash remains unchanged, at similar levels as at 30 June 2020.

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