Sharjah-based offshore engineering firm Lamprell repeated a ‘going concern’ warning in its 1H results on 28 October. It hopes the $30.1mn raised through a discounted share placing on 29 October will ease “current severe liquidity constraints.” Lamprell had just $24.4mn of available cash as of end-June.
The key source of the firm’s financial overreach is its commitment to the Jubail-based IMI rig fabrication JV with Saudi Aramco (MEES, 2 July). (CONTINUED - 260 WORDS)