Cains has acted as Isle of Man legal counsel to Lamprell PLC (“Lamprell” or the “Company”) on its $30 million placing of ordinary shares in the capital of the Company. The Company’s shares are listed on the premium segment of the Official List and traded on the London Stock Exchange’s main market for listed securities.
Cains also advised Lamprell on its $45 million revolving trade loan facility (the “Facility“) with First Abu Dhabi Bank and Emirates Development Bank and related option for a further $45 million. The Facility will be used to assist with the working capital requirements of the two IMI newbuild jack-up rigs which are currently under construction at Lamprell’s Hamriyah yard.
Commenting on the transaction, Scott said: “Lamprell is a longstanding and valued client of Cains and we are delighted that we have been able to assist the Company in relation to these hugely important fundraisings. Cains offers considerable expertise through its strength and depth of experience with private and public capital markets fundraising on leading, time sensitive transactions. We very much look forward to continuing to work with Lamprell as it moves ahead with its next chapters.”