The Lamprell Group has played an important role in the development of the offshore industry in the Arabian Gulf for over 30 years, providing increasingly specialised services to the offshore oil industry. Lamprell is managed by British nationals, with its corporate headquarters in Sharjah, one of the United Arab Emirates, Lamprell operates a full service jackup rig refurbishment facility in Sharjah and a modern, well equipped fabrication facility in Jebel Ali Free Zone, Dubai.

Lamprell located in the most important oil and gas region in the world, in one of the key commercial centres in the UAE.

Lamprell has its own core skilled and experienced workforce as well as access to additional skilled labour from the local labour supply market.


AIM Rule 26 Disclosure

This, in addition to the Group�s safety focused culture and experienced project management skills, helps to ensure customer satisfaction is maximised whilst risks are reduced.

Lamprell has built up its strong market position by offering a differentiated service to its clients based on safe working practices and completing projects on time, on budget and to a high quality. Accordingly, we believe that the Company has established a position of sustainable competitive advantage in the region.

What a stooopid comment by Marni. Jeez!

Thanks for any info cynic.

Lamprell downgraded to hold from buy at Citigroup, TP upped to 225p from 150p

TP is around 225-240 at historic eps 10x, if this can be demonstrated to be higher or even if it is re-rated, or a hostile bid is thrown in, 12-15x+ =300p plus.

Just a breather, I hope, before we push on to 300p.

Good solid strength at 200p? seem to of cleared that hurdle.

Badly hit by the reduction of 20m from BassDrill deal, assuming BassDrill can even raise the reduced amount:
Business Financial Newswire
"Oil services firm Lamprell is trading in line with expectations but warns that full year prospects will depend on talks with customers.

It said: "Although our 2009 trading performance is currently, broadly in line with market expectation, the outcome of our discussions with Bassdrill, in particular, will have an adverse impact on the results for the year."

The tender barge BassDrill Alpha is due to be delivered to BassDrill in December.

Lamprell said it had agreed to receive a reduced delivery payment of $60m and it understood Bassdrill was in the process of raising these funds.

Payment is due on delivery of the unit.

The company also remains in discussion with Riginvest G.P. regarding financing options of the LeTourneau Super 116E jackup drilling rig project.

The group's order book at the end of October was approximately $422m and the balance sheet remains strong. "

Things still OK, but this has taken the edge off it, interesting bounce though, it if recovers to 200p, we know ere if for a ride upwards, but the last few days have knocked my confidence a bit too.

im still holding these. weve had our scare. whether it is over or not i dont know. lets hope so.nice rally but can it hold? i havnt added again yet as i dont want to overcommit. just watching and waiting and holding still.it is now looking promising once again but still has to take out that 230sh resistance high. i can wait, but wouldnt like to see it fail and then fall through 150sh. all just my opinion as always and please dyor
regards
jkd

i can certainly tell you that oil exploration and oilfield development biz has suddenly come to life pretty strongly in m/e

From this weeks Shares Mag:
"The likelihood of a further fall in earnings this year, the possibility of an additional decline in the order backlog and a lofty valuation all mean Lamprell is one of the riskiest investments in the sector.
At the beginning of this year the 372 million cap, which refurbishes and constructs rigs from its base in the United Arab Emirates, finally received a $60 million cash and shares payment on a contract to build a drilling barge for US contracting firm BassDrill. This will lead to a writedown of $25 million for 2009 and further problems with the client could again impact the order book. Backlog fell 52% year-on-year to $422 million in November and even this number contains a second BassDrill which could well be cancelled given the customers ongoing financial problems. That would leave Lamprell with an underlying order book of $320 million compared to forecast sales for 2009 of $550 million. Unless the group starts to quickly win major contract awards from its $4 billion pipeline of project bids, the shares are likely to underperform, especially as the prospective price/earnings multiple (PE) of 15.5 times looks punchy."

it looks like they have secured a couple of orders from that pipeline, doubling that possible order book figure of $320 mentioned in above article. lets see if momentum can be sustained.
regards
jkd

serves me right for paying attention to that, as i dumped mine, and now see sp has rocketed 32p on back of $320m deal with Olsen

cynic you never know what's in the pipeline!

quite so, but annoying for all that

e
hope you are still holding at present. what are your thoughts on this price movement?
regards
jkd

Lamprell upgraded to buy from hold at Oriel, target price raised to 242p

keep an eye on this ..... performing well again today, and though volume is scarcely stratospheric at 520k, it is already ahead of the daily norm of 390k and the buy book is much stronger than the sale

it may be just technical buying, though there have certainly been vague rumours of a t/o

It bounced to 280 last week and fell back, I dont know whats pushing this at the moment, but I like it! vol over 600k, so fairly heavy but as you say not huge huge. Does have a feel for a push to 300p, historically as I recall this was over 500p, so if a bid comes, who knows 400p+

btw, I bancked alot of my shares at 200p, wish I'd heald them all now, doh.

Hello all you offshore experts!!!
Have a look at KENZ SD

What do you mean?

KENZ is another in the same field ...... haven't followed it for a while; memory is that it's very thin trading