Lamprell Dubai seeks USD336.1m MIS purchase

20 May 2011

(MENAFN) Lamprell Dubai’s chief executive, Nigel McCue, said that the oil equipment and services company would seek to buy Maritime Industrial Services (MIS) for USD336.1 million which would be paid through shareholders, cash reserves and bank loans, reported The National.

McCue added that the purchase of the Sharjah based oil services company which would be done by July would raise Lamprell’s earnings, in addition, it would provide the group with new opportunities, enhanced resource and technical competence.

He also said that the deal would give his company an extra advantage, since MIS started building a USD160 million jack-up rig when its client was struck by the global financial crisis. Only USD26 million would be needed to complete the job, and once construction of the rig would be finished in 2010, Lamprell would be expected to pocket USD130 million.

It is worth noting that the integration of the two companies is expected to cost around USD6 million.

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