Lamprell seals funds for IMI jackup newbuilds

United Arab Emirates-based fabricator Lamprell has agreed a $45m UAE Export Credit Agency backed revolving trade loan facility with two regional banks to assist with the working capital requirements of the two International Maritime Industries (IMI) newbuild jackup rigs currently under construction at its Hamriyah yard.

The deal includes an option for a further $45m accordion funding arrangement subject to the provision of additional security to the banks similar to that for the initial facility, which will be agreed in due course and is expected to be available in Q1 2022.

Lamprell said that the drawdown will be conditional on, amongst other things, the group successfully completing a 19.99% equity raise, which the company expects to undertake in Q4 2021.

IMI, a shipbuilding joint venture between Saudi Aramco, Bahri, Lamprell and Hyundai Heavy Industries, awarded a contract to Lamprell for the construction of two jackup drilling rigs in January last year, after it received a letter of intent for the contract in December 2018.