Ashurst advised Lamprell, the leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable industry, on its 5 for 16 rights issue to raise $120 million. The issue of 81,363,469 new shares at 88p each represents a discount of 33.4% to the theoretical ex-rights price. The proceeds from the fundraising will be used for a yard investment programme, the repayment of certain of its existing term loans and the balance, together with the new debt, to strengthen the company's balance sheet.

The rights issue is conditional on shareholder approval which will be sought at an EGM on 10 June 2014.

The Ashurst team advising Lamprell in connection with the rights issue was led by corporate partner Nick Bryans, assisted by senior associate Sian Williams and associates Aimee Chalmers and Lucinda Cridlaw. Partner Ray Fisher and senior associate Jeffrey Johnson advised on the US aspects of the transaction. Counsel Caroline Chambers also assisted on the deal.