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Lamprell on track to reach financing deal
- United Arab Emirates: Thursday, January 03 - 2013 at 06:49
Sharjah-based oil rig maker Lamprell has announced it had successfully negotiated waivers to its banking covenants and was making progress on a wider deal to provide long-term financing, Reuters has reported. The company's working capital position improved significantly in recent months and ended 2012 with net cash of about $100m, thanks to improved revenue and tighter financial controls, Lamprell said. Last year, the company issued five profit warnings in 2012 and suffered the departure of its chief executive along with two other senior managers.
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