Lamprell secures covenant waiver after 2012 losses

03 Jan 2013

UAE-based oil and gas engineering services company Lamprell agreed a covenant waiver with the lenders to its existing syndicated facilities before they were due to be tested on 31 December.

Lamprell faced difficulties over 2012 as some of its projects underperformed — it has projected losses of €105m for the full year 2012 (with Ebitda loss of $64m) with a gradual return to profitability in 2013.

The construction of its Windcarrier 1 and 2 projects was delayed due ...

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