New debt facility signed

28 October 2021

LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")

NEW DEBT FACILITY SIGNED

Further to the announcement on 5 October 2021, Lamprell is pleased to announce that it has signed a USD 45 million revolving trade loan facility ("Initial Facility") with First Abu Dhabi Bank and Emirates Development Bank. The Initial Facility will assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at the Group's Hamriyah yard.

As previously announced, the drawdown of the Initial Facility will be conditional on, amongst other things, the Group successfully completing a 19.99% equity raise, which the Group expects to complete in Q4 2021.

As part of the terms of the Initial Facility, there is a non-committed option for a further USD 45 million accordion facility which is expected to be available in Q1 2022.

Christopher McDonald, Chief Executive Officer said:

"We are delighted to have signed this new initial working capital facility for the two IMI rigs and are proud of the support from our key relationship banks in the current, volatile macro environment. This demonstrates the high level of support and close relationships that we maintain with the regional financial institutions.

"Lamprell has been successful in transforming its business over the past few years, making a timely diversification into renewables and digital ventures, and we are confident the new funding will strengthen our balance sheet and assist us in accessing the growth potential in both our addressable markets of renewables and oil and gas."

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Notes to editors

Lamprell is a leading provider of services to the international energy sector. Driving strategy and growth through its Renewables, Oil & Gas and Digital business units, underpinned by almost half a century of expertise, the Group has worked hard to establish its reputation for delivering projects safely, on time and to budget.

The Group has firmly established its international credentials in the renewables sector as well as continuing to build on its traditional oil and gas credentials. We are recognised for building complex offshore and onshore process modules and platforms, fabricating and refurbishing jack-up rigs and liftboats.

Lamprell employs more than 5,000 people across multiple facilities, with its primary facilities located in Hamriyah, in the UAE. Combined, the Group's facilities cover approximately 800,000m2 with over 1.5 km of quayside. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement). Lamprell is listed on the London Stock Exchange (symbol "LAM")."