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UAE-based Lamprell plans London listing
LONDON/DUBAI — Lamprell Plc, a United Arab Emirates company which refurbishes oil rigs, said yesterday it planned to list on London's Alternative Investment Market in October and sell up to 70 per cent of its stock to investors.
Lamprell, whose revenue almost tripled to $205 million in the two years to 2005, wants to raise as much as 300 million pounds ($560 million) to finance expansion, Peter Whitbread, the company's chief executive, told Reuters.
He said Lamprell was looking to sell between 60 per cent and 70 per cent of equity to institutional investors in a placement that opens on October 11.
"Saudi Arabia and Qatar are developing gigantic projects that are attracting rigs from all the over world," Whitbread said. Lamprell plans to use the funds to develop new facilities at Hamriyah Port in Sharjah emirate, more than doubling capacity compared with its existing Port Khalid site, Whitbread said.
Record oil prices, spurred by faster-than-expected demand growth, are encouraging Gulf Arab and other producers to expand output and search for new crude deposits. That is boosting demand for rigs and business for oil services companies. A Lamprell statement earlier confirmed a Reuters report about the planned sale from a source close to the company.
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