Oil rig maker Lamprell makes progress in debt talks

Thu Jan 31, 2013 4:08am EST

Jan 31 (Reuters) - Oil rig maker Lamprell said it had made good progress in talks with lenders to refinance its debt, and it was likely to post a 2012 loss in line with its expectations.

The company, which negotiated waivers for its banking covenants earlier this month, said talks with lenders were continuing, even though a deal remained several months away.

The company also said its trading position was stable.

Lamprell said in early January that its working capital position had improved significantly in recent months and it had ended 2012 with net cash of about $100 million due to improved revenue and tighter financial controls.

It had warned in November that its full-year loss would be seven times bigger than earlier thought - its fifth profit warning of the year.

Shares in the United Arab Emirates-based company were up about 3 percent at 126.19 pence at 0906 GMT. The stock lost nearly two thirds of its value last year.

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