United Arab Emirates-based offshore oil services specialist Lamprell joins AIM on Monday after a £229.5 million placing at 195p.

J.P.Morgan Cazenove is nominated adviser and broker to Lamprell, which will be valued at £390 million at the placing price. Steven Lamprell, who founded the company in 1974, is selling the majority of his holding to institutions in the placing and will be left with about 32 per cent after the deal.

Lamprell, whose primary facilities are at Port Khalid in Sharjah and in Dubai's Jebel Ali 'Free Zone', upgrades and refurbishes offshore and land rigs and handles construction projects for the oil and gas sector. These include floating production, storage and offloading systems as well as oilfield engineering.

Steven Lamprell, who took up residence in Dubai in the mid-1970s, helped the company built up a significant role in the development of the Arabian Gulf's offshore oil and gas industry. Between 2003 and 2005, Lamprell, whose chairman and chief executive officer is experienced industry player Peter Whitbread, trebled its revenues to the equivalent of £110.5 million and lifted operating profits fivefold to £15.5 million.

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