Source: Lamprell, MIS
Lamprell plc (LON:LAM) notes the recent press speculation regarding Maritime Industrial Services Co. Ltd Inc (MIS). Lamprell confirms that it has entered into a letter of understanding with MIS in respect of a potential offer to purchase 100% of the shares in MIS at a price of NOK 38 per share, but discussions with MIS are at a very preliminary stage.
Any potential offer remains subject to the fulfilment of a number of conditions, including the satisfactory completion of due diligence. Therefore there can be no certainty that an offer will be made. It is anticipated that any offer that is made would be financed from an issue of equity to Lamprell's shareholders and new debt facilities.
The MIS Group (Maritime Industrial Services) is a diversified engineering and contracting group providing a broad range of products and services to the oil, gas and energy sector. MIS was established in Dubai, UAE in 1979. With an annual revenue of more than $400 million, the MIS team is made up of 4,500 people. MIS' philosophy is built on delivering innovative, engineered solutions to its customers, whether it's the construction of offshore platforms, the management of EPC projects, the refurbishment of onshore and offshore rigs or the provision of specialised H2S consultancy services.