Lamprell secures covenant waiver after 2012 losses

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.

  • 03 Jan 2013

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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