Oil rig engineer Lamprell shares leapt 20% to 113.25p yesterday after it won vital breathing space from its lenders.
The Middle East builder of rigs and vessels used to instal windfarms said yesterday it had negotiated waivers of banking covenants and was also making progress on a deal to provide long-term finance.
Lamprell said in November its full-year loss would be seven times worse than expected; its fifth profit warning of the year. Contract delays sent the UK-listed firm, which employs 12,000 people, plunging into the red. But the group said its working capital had improved significantly in recent months, adding that it recently secured a £25million contract for a North Sea-related project.