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UAE-based oil rig builder Lamprell Plc on Monday said its net loss for 2021 widened to $60 million compared with the $53.4 million loss recorded 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.
Lamprell had said in June that it would face funding requirements of $75 million over the next two months. It had missed an initial $26.4 million milestone repayment on $45 million UAE Export Credit Agency-backed revolving trade loan.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
