Lamprell plc East Anglia One - final contract settlement (6886K)
23 Aprile 2020 - 2:42PM
UK Regulatory
TIDMLAM
RNS Number : 6886K
Lamprell plc
23 April 2020
23 April 2020
LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")
EAST ANGLIA ONE PROJECT - FINAL CONTRACT SETTLEMENT
Lamprell is pleased to announce that it has reached a final
settlement with ScottishPower Renewables with regards to the
close-out of the East Anglia One project. This settlement removes
both the risk of liquidated damages of USD 33.8 million and will
materially improve the Group's liquidity by approximately USD 40
million in due course as set out below.
The final settlement will result in a cash payment to Lamprell
of USD 18.9 million in May 2020. In addition, the Group will now
commence the process of releasing up to USD 23 million of the
restricted cash reported on 14 April 2020 (USD 35 million) relating
to the project performance guarantee, approximately half of which
is expected to be released in the coming months.
In September 2019, the Group reported project losses of USD 95.6
million up to the period ended 30 June 2019. Following this final
settlement and subject to audit, the overall project losses amount
to USD 118.2 million, an additional loss of USD 22.6 million that
will materially affect the Group's financial performance for the
year ended 31 December 2019. The project loss covers all
outstanding works to completion and the increased costs incurred by
the subcontractor in Belfast. We now anticipate that, subject to
audit, 2019 revenue to be slightly lower than previous guidance at
USD 260 million.
Further to the Financial Conduct Authority's (FCA) directive for
listed companies to defer release of their results due to the
ongoing impacts of COVID 19, Lamprell anticipates it will release
its results for the year ended 31 December 2019 on 6th May
2020.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
Enquiries:
Lamprell plc
Maria Babkina, Investor Relations +44 (0) 7852 618 046
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Martin Pengelley
Notes to editors
Lamprell PLC, based in the United Arab Emirates ("UAE") and with
over 40 years' experience, is a leading provider of fabrication,
engineering and contracting services to the offshore and onshore
oil & gas and renewable energy industries. The Group has
established leading market positions in the fabrication of
shallow-water drilling jackup rigs, liftboats, land rigs, and rig
refurbishment projects, and it also has an international reputation
for building complex offshore and onshore process modules and fixed
platforms.
Lamprell employs more than 4,000 people across multiple
facilities, with its primary facilities located in Hamriyah,
Sharjah and Jebel Ali, all of which are in the UAE. In addition,
the Group has facilities in Saudi Arabia (through a joint venture
agreement). Combined, the Group's facilities cover approximately
828,000 m2 with 1.6 km of quayside.
Lamprell is listed on the London Stock Exchange (symbol
"LAM").
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END
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