UAE-based oil rig builder Lamprell Plc announced Monday that its net loss widened to $60 million in 2021, compared with a loss of $53.4 million in 2020.
Revenue grew 15% to $388.8 million, but coronavirus-related restrictions significantly impacted productivity and cost, according to a filing on the London Stock Exchange, where Lamprell’s shares trade.
The company, which has been seeking to raise $120 million-$150 million, said that it faces urgent and severe liquidity constraints.
Last month, Lamprell’s board recommended accepting a takeover offer from two of its major shareholders, Blofeld and AlGihaz which included a $145 million bridge financing loan.
In June, Lamprell announced it would need to raise $75 million in funding over the next two months. They had missed $26.4 million in repayments, the first milestone of this $45 million revolving trade loan backed by the United Arab Emirates Export Credit Agency.
