Lamprell, the UAE-based oil rig maker, has sold off one of its businesses for US$66.2 million as part of a campaign to pay down its debt.
The asset sale is the first by the company after it issued five profit warnings in 2012 related to problems in delivering two wind turbine installation vessels. Last year the London market regulator fined the company £2.4 million (Dh13.3m) for failing to warn investors swiftly enough.
“Over the last 18 months, Lamprell has refocused on its core activities of new build rigs, new build construction, land rigs and rig refurbishments,” said James Moffat, Lamprell’s chief executive. “As a result, the group has been actively pursuing options to dispose of certain of its service businesses and this disposal is a key part of that strategy.”
Shares of Lamprell trading in London dipped more than 2 per cent to 140 pence after yesterday’s announcement, less than half its 2012 high.
Proceeds from the sale of its testing service subsidiary to the UK-based Intertek Testing Services Holdings will go towards a high-cost tranche of a $181m debt facility secured last year, Lamprell announced yesterday.
The sold-off business, called International Inspection Services, counted $26m in assets as of the end of 2012 and independently turned a profit that year during a period of overall losses for the company. It employs 720 people. Lamprell has signed a preferred supplier agreement to use its services after its transfers to new owners.
It will continue to evaluate selling off other assets, it said.
“The group will continue with its process to dispose of the other non-core service businesses but only if acceptable terms can be obtained and subject to board approval,” the company said.
Despite swelling order books thanks to expanding oil production targets in the GCC and shale exploration in North America, other oil service providers are also facing headwinds. Last month Petrofac, which also has operations in the UAE, cautioned investors to expect “modest to flat” growth for 2014 after profits expanded 3 per cent last year.
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The Baghdad Clock
Shahad Al Rawi, Oneworld
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
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Napoli v Feyenoord
Besiktas v RB Leipzig
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Wednesday
Basel v Benfica
CSKA Moscow Manchester United
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Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Company%20Profile
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
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Empty Words
By Mario Levrero
(Coffee House Press)
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
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