Lamprell sells Abu Dhabi unit to focus on rig building
Lamprell has sold an Abu Dhabi-based services unit as it focuses on the rig-building market.
India’s Nauvata group will acquire Litwin Pel for US$3 million, London-based Lamprell said yesterday in a statement.
The funds from the sale will be used to support general working capital requirements in Lamprell’s core businesses.
Litwin’s business spans the oil, gas, chemical and petrochemical sectors in Abu Dhabi, where it has been involved since 1991.
Lamprell acquired the company as part of its 2011 acquisition of Oslo-listed Maritime Industrial Services.
Litwin delivered an operating loss of US$5.3 million with gross assets totalling $9.1m at the end of 2013.
However, there was an “overall net liabilities position” according to Lamprell.
Earlier this year, Lamprell sold its services division, International Inspection Services, for $66.2m to UK-based Intertek Testing Services Holdings.
The UAE-based company listed on the London Stock Exchange has major yards in Hamriyah, Sharjah and Jebel Ali.
Lamprell stock was up 6.44 per cent to 128 pence in midday London trading.
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Published: December 2, 2014 04:00 AM