Lamprell Sells Services Division to Pay Down Debt

Reuters

LONDON, March 3 (Reuters) – Dubai based rig-maker Lamprell said on Monday it sold its International Inspection Services (INSPEC) division to Intertek for $66.2 million to reduce its debt and focus on its core business.

Lamprell is attempting to pay down debt after a disastrous 2012 in which the company issued multiple profit warnings prompted by delays and cost overruns on its gas turbine repair vessels.

Intertek will pay for INSPEC with cash and Lamprell said it would use part of the proceeds to pay down a substantial part of a secured debt facility put in place last year.

INSPEC carries out inspections for infrastructure-intensive industries including desalination and energy projects.

"The group has been actively pursuing options to dispose of certain of its service businesses and this disposal is a key part of that strategy," Lamprell Chief Executive James Moffat said in the statement.

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Sample Catchers Needed - entry level
Expertise: Mud Logging
Location: Denver, CO
 
IMMEDIATE NEED - Sample Catchers
Expertise: Mud Logging
Location: Midland, TX
 
Immeidate Need - Sample Catchers in Midland
Expertise: Mud Logging
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours