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Friday, 21 November, 2008, 19:50 GMT | more >>

Lamprell takes AIM with $726m float



By Upstream staff 

United Arab Emirates-based oil services player Lamprell has priced its London flotation at 195 pence a share, valuing the group at £390 million ($726 million).

Lamprell said around 117.7 million of its 200 million shares had been placed with investors via the AIM market, representing a deal size of £229.5 million.

Lamprell's main businesses are upgrading jack-up rigs, servicing land rigs and building floating production, storage and offloading systems (FPSOs).

Steven Lamprell, 56, who founded the business in 1974, is selling a majority stake in the offer.

The group is expanding rapidly, with revenues almost tripling from $70.4 million in 2003 to $205 million in 2005.


Wednesday, 11 October, 2006, 07:17 GMT  | last updated: Wednesday, 11 October, 2006, 07:17 GMT

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