Lamprell sells Middle East oil services business for $3m

Oil services group Lamprell is off-loading a non-core Middle East service business for $3m.

Lamprell is selling Litwin PEL, an engineering and contracting company that serves the oil and gas, chemical and petrochemical industries in Abu Dhabi, to the Nauvata group of companies.

The sale of Litwin, which made losses of $5.3m in 2013, is part of a review by Lamprell of certain service operations that do not form part of its core business.

"The group will continue with its process to dispose of the other non-core service businesses, but only if acceptable terms can be obtained and subject to board approval," Lamprell said in a statement.

Lamprell plans to use the cash from the sale to support general working capital requirements on its core business.