Ashurst advised Lamprell plc, a leading provider of diversified engineering and contracting services to the onshore and offshore oil and gas and renewable energy industries, on a US$ 600 million facilities agreement. The new arrangements will replace the Lamprell group's existing facilities with a US$ 350 million facility, comprising a US$ 100 million term loan, US$ 50 million for general working capital purposes and US$ 200 million of working capital for project financing. The agreement also contains an innovative committed US$ 250 million bonding facility for project bonding requirements in connection with contract awards.

The Ashurst London-based team was led by banking partner Martyn Rogers, supported by partner Mark Edwards, associates Vanessa Hunter and Thomas West and trainee Emily Yamahiro. Dubai-based associate Brad Sandford and trainee Raquel Tarancon Plata also assisted on the transaction.

Martyn Rogers commented:

"We are very pleased to have been able to assist Lamprell with these facilities, which should provide Lamprell with the flexibility needed to further develop its business."

Linklaters acted as legal advisor for the banks.