Oil rig maker Lamprell (LAM.L) said it had been successful in negotiating waivers to its banking covenants and was making progress on a wider deal to provide long-term financing.
The company said its working capital position had improved significantly in recent months and it had ended the year with net cash of about $100 million due to improved revenue and tighter financial controls.
Shares in the company were up 17 percent at 0911 GMT after losing nearly two thirds of their value last year.
Lamprell agrees waivers to banking covenants | Reuters
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