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.

This people must think that 'Joe Public' has no inkling about the machinations of a companies day to day operations.

Standard Life reduce: http://www.moneyam.com/action/news/showArticle?id=4371947

Schroders above 5%

On Thursday 7th June - Lamprell ’s management can expect a tough time from shareholders when the oil rig-maker holds its annual meeting. Last month it issued a shock profit warning, revising 2012 profit forecasts down to $40m from previous consensus of $117m, and sending shares plunging by almost two thirds. Just two weeks before, shares had been trading at a high for the year on the back of new contract wins and two of the company’s senior managers sold shares to the value of £1.7m. The company insists nothing improper went on but that is unlikely to prevent anger from investors. They will also want to hear how Lamprell plans to recover from the contract “slippage”, shortage of equipment and added costs it blamed for the profit warning and how it aims to ensure more accurate forecasts in future.

RNS trading update?

Yes - trading update.

Just had a small punt @69.5 - stop 50p 59p

You're long with a c30% stop??? This has to be oversold, imo, but hoping for a rise in the sp on a friday (after Ben B's comments yesterday)...........!

Harry - typo - stop is 59p - so that makes it less mad! :-)

How could this go so wrong?

more interesting is how did the senior management get so lucky as to sell at >350 just beforeit all fell apart

....and it should be a good indicator when they start to buy back in gain.

Or if they buy back in? personally never bothered with LAM in this sector as PFC have been so good along with their narrower spread and with no stamp duty.

Any chance of a bid at this level?

Closed @78.27 - I see Liberum have retained their buy note today, but dropped their TP from 179 to 176p.

In auction now @81.95 - I may have been a bit premature!

arguably so with hindsight, but given the gamble you took - for which congratulations also in hindsight - you should be smiling merrily to have banked such a decent profit

Thanks cynic - I can't help but think that there is more to come here.

Back in auction @90.4.