Yep yep, thanks for the help. I figured we’d disagree on where and what the Persian Gulf is. In Kuwait, Lamor is working on the dunes, and in Saudi Arabia, the Red Sea. Neither of those is the Persian Gulf. Oman isn’t even on the Persian Gulf, and I couldn’t find a single reference for the UAE.
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I don’t understand why I even try to have a discussion about Lamor here, when it’s nothing but salty nitpicking.
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Here are Thomas’s comments regarding the recent equipment orders Lamor received from domestic rescue services. 
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Lamor has signed an agreement with the Mexican company Bieeco Bienes Sustentables, which operates in the environmental sector within the oil and gas industry. The agreement covers an advanced water treatment equipment package designed to treat oily waters with varying salinity levels.
The total value of the delivery exceeds one million euros and was recorded in Lamor’s order backlog in the second quarter of 2024. The equipment is scheduled to be in use by the customer during the final quarter of the year.
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Here are Kassu’s comments on Lamor’s recent order
Lamor announced on Wednesday that it has signed a contract worth over one million euros for the delivery of water treatment equipment to the Mexican company Bieeco Bienes Sustentables. We view the order as positive news for the company and a much-needed addition to the order book, which thinned out during the early part of the year. However, the scale of the order is quite modest on a group level, and on its own, it is not sufficient to eliminate the risk associated with the current year’s earnings guidance.
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Lamor has begun start-up preparations at the Kilpilahti production facility, which will produce recycled oil from plastic waste as a raw material for the plastics industry. The Finnish Safety and Chemicals Agency (Tukes) has conducted the facility’s commissioning inspection, and according to the decision, Lamor may put the facility into operation once the agreed-upon finalization measures have been completed.
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I wonder how this differs from the information already released in the April bulletin?
Lamor Corporation Plc | Press Release | 08.04.2026 at 14:29:00 EEST
During the early part of the year, Lamor has been preparing for the start of the production ramp-up of the first production line at the Kilpilahti production facility, which produces recycled oil from waste plastic as raw material for the plastics industry. As this is a new and developing industry, Lamor has reviewed the safety requirements related to the start-up with the Finnish Safety and Chemicals Agency (Tukes).
At the beginning of March, Lamor received conditional approval, and at the end of the month, based on inspections, the authorities specified the final requirements for starting the first production line. A limited number of supplementary installations related to potential exceptional situations must be implemented before the production ramp-up can begin.
So, is the only new information that they are starting to prepare for the launch? Based on the updated information in early May, the installations were supposed to be ready by the end of June…
Lamor Corporation Plc | Press Release | 13.05.2026 at 18:12:00 EEST
In April and early May, Lamor has implemented the final supplementary installations related to potential exceptional situations at the Kilpilahti recycled oil production facility, which will begin producing recycled oil from waste plastic as raw material for the plastics industry.
In April 2026, Lamor announced that the Kilpilahti recycled oil plant has the operational readiness to start the production ramp-up once the final additional installations specified by the safety authority are completed. All supplementary installations have not yet been completed, so Lamor is updating its time estimate for the start of the production ramp-up at the Kilpilahti plant.
“At that time, we estimated that the additional installations related to authority requirements would take about a month. We have progressed with the work continuously and in cooperation with the safety authority. Based on the latest discussion, we have today updated the time estimate for the ongoing installations so that the production ramp-up at Kilpilahti is scheduled to start by the end of June,” says Johan Grön, CEO of Lamor Recycling.
If the installations are truly as minor as they sound, how long can it possibly take to install them?
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They are forced to announce something, even though there is actually nothing to report. The bond’s maturity date is less than two months away.
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Inside information: Lamor Corporation Plc announces an action plan regarding the comprehensive restructuring of its outstanding debt financing
Inside information: Lamor initiates a written procedure to obtain consents regarding amendments to the terms and conditions of its senior secured green fixed-rate notes due 2026
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“refinancing of the existing bank loans and guarantee arrangements of Lamor and Lamor Recycling Oy, totaling approximately 60,000,000 euros, as well as the provision of additional financing of approximately 15,000,000 euros to fund the remaining investments related to the start-up of the plastic recycling plant’s production and the working capital requirements of Lamor Recycling Oy…” …direct quote from Lamor’s stock exchange release
Revenue of 90 million and every now and then a deal worth a couple of million. It’s an interesting equation.
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And just like that, a single plastic recycling plant took the company down for the count. Too big a project for them.
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Debt is only slightly higher than the company’s revenue. Perhaps in this case, a covenant condition will be set for the amount of debt, which may be at most 4x the group’s revenue.
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Here are Kasper’s comments on how Lamor is restructuring its debt and planning a share issue.
On Tuesday, Lamor announced a major debt financing restructuring program, which includes extending a bond maturing in August 2026, renewing bank financing, and a share issue of at least EUR 5 million. From the owner’s perspective, the content of the announcements is twofold. On one hand, refinancing the loans removes an acute liquidity risk from the company, but at the same time, an equity financing round dilutes the ownership stake of existing shareholders at the lowest share price level in its stock market history.
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An epic journey during which the company’s board has resolutely destroyed shareholder value in four years. As a former shareholder, I am still interested in whether the journey will eventually end in liquidation or if the story will somehow continue without it. Starting a process of begging for more time for a bond doesn’t guarantee anything yet. One would think that bond investors will demand a lot, perhaps even ownership/control of the company’s operations, while the opportunity presents itself. It is likely that their trust in the current owners and management is gone as well. Those 0.35% / 0.15% “incentives” are certainly not enough.
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Lamor has now entered into a new senior financing agreement with Danske Bank A/S, Norion Bank AB, and Finnvera Oyj as part of a comprehensive restructuring of its debt financing, in accordance with previously announced plans. Under the new arrangement, Lamor has refinanced its own and Lamor Recycling Oy’s existing bank loans and guarantee facilities totaling 60,161,000 euros and has secured 15,000,000 euros in additional funding to finance the remaining investments and working capital needs related to the start-up of its plastic recycling plant, as well as certain working capital needs of Lamor Recycling Oy. In addition, the final maturity date of the bond has been extended to August 24, 2028. As a condition subsequent to the new senior financing arrangements, Lamor intends to carry out a share issue of at least 5,000,000 euros by December 15, 2026.
The journey continues 
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There is no mention of the interest rate level. It is unlikely that it was obtained with a very small margin when borrowing from a payday lender. This certainly kicks the can down the road a bit. Now we just have to wait and see how many press releases we get about the upcoming start-up at Kilpilahti, which is happening very soon, but just be patient for a moment longer.
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Here are Thomas’s preview comments ahead of Lamor reporting its Q2 results on Tuesday, July 28th.
We expect the review period’s revenue and earnings to have declined clearly from the comparison period, weighed down by a thin order backlog. In the report, our focus will be particularly on the validity of the guidance weighted towards the end of the year, the progress of the recently announced financing package, and the ramp-up of the Kilpilahti plastic recycling plant.
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In the Q2 review, there is still a promise of revenue from plastic recycling for this year: “The ramp-up of recycled oil production is expected to start once the finishing measures agreed upon during the final inspection by the Finnish Safety and Chemicals Agency (Tukes) have been implemented. This schedule delay does not have a significant impact on the group’s revenue and operating profit for this year. Recycled oil revenue is expected to grow gradually towards the end of the year as product quality improves and volumes increase.”
This is either a completely false promise, or the management does not understand what they have promised. Without an environmental permit, the product cannot be sold. The Kilpilahti plant does not have an environmental permit, and the average processing time for a permit is at least 10 months. Not even an environmental permit application has been filed yet, at least not in a way that would be visible in public registers.
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True, Lamorilla appears to only have an environmental permit for experimental operations, which must cease by December 31, 2026, at the latest (ESAVI/2017/2025). There is no actual permit to commence operations, as the most recent application was withdrawn in January 2025 (ESAVI/19411/2023).
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Here is the company report from Thomas on Lamor following the Q2 results.
Lamor’s Q2 report key figures were slightly stronger than expected: revenue declined somewhat, but the comparable operating profit did not quite fall to the guided zero level. The order intake, which has been declining for a longer period, is showing signs of stabilizing, but achieving the guidance and executing a turnaround in earnings will require a step change in new sales. The major financing package announced in July mitigates the company’s liquidity risk and provides the management with much-needed room to maneuver in accelerating the earnings turnaround and advancing the commissioning of the Kilpilahti plant. We reiterate our target price of 0.90 euros and our “add” recommendation.
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