Another Lamprell shareholder mulls takeover offer for troubled oil and gas services firm after last week’s lowball bid from Blofeld
- Sami Al Angari, with a 19.2% stake, in ‘the very early stages’ of considering a bid
- Last week Blofeld, with a 25%, made a bid at a ‘very significant discount’
- Lamprell shares are suspended as company delays publishing of its 2021 results
A second Lamprell shareholder is considering a potential a takeover offer for the struggling oil and gas services firm.
Sami Al Angari, the chief executive of Al Gihaz Holding Company who owns a 19.2 per cent stake in Lamprell, has confirmed he is in ‘the very early stages’ of considering a possible offer for the company.
It comes just a week after Blofeld, another major shareholder which owns a 25 per cent stake, made a bid at a ‘very significant discount’ that sent shares crashing 70 per cent.
Struggling: Lamprell makes oil rigs and foundations for wind turbines
Shares in the London-listed company were suspended after it said it would delay the publication of its full-year results as it needed ‘additional time’ to finalise them.
Lamprell, which makes oil rigs and foundations for wind turbines, has been struggling under a pile of debt and this week missed a $26million loan facility repayment.
It said that, along with a potential takeover offer, Al Angari was also considering a ‘financing package’ to help it meet its loan obligations.
Lamprell said: ‘Sami Al Angari […] and Al Gihaz Holding Company […] are in the very early stages of evaluating a possible transaction that may involve an offer to acquire the issued and to be issued share capital of Lamprell, alongside a financing package to support the repayment of Lamprell’s existing debt facilities and other working capital requirements.
‘As of today, no approach or discussions have taken place with the Board of Lamprell regarding a potential offer for the Company.’
Al Angari now has until the 29th of July to make an offer or walk away.
The coronavirus pandemic contributed to major financial difficulty for the business as travel restrictions led to a downturn in oil and gas prices, and slashed demand for firms involved in the energy service industry.
Yet even as energy prices have rebounded, the London-listed group’s problems have continued to mount, with supply chain problems and worker shortages leading to costs increasing, and it has struggled to gain much-needed financing.
In April, it signed an early stage deal to fabricate 200 turbines for floating wind farms to be installed west of Shetland.