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.

is somebody "hoovering" up a few shares?

still going strong on a down day for the market

and a better joy today as it finishes at 88.50p and best of the day with UT closing

Broke the 90p resistance today, so now looking to fill the GAP up to 120p

currently 91p

Completion of Jackup rig

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewables industry, has announced the completion of construction of the jackup rig Makasib and its delivery to Abu Dhabi's National Drilling Company ('NDC').

Completion of the jackup rig, within budget, was marked at a ceremony at Lamprell's Hamriyah facility in the UAE on 12 July, and the rig departed the facility on 23 August, going directly to her initial drilling location.

Half Yearly Report

H1 2012 FINANCIAL RESULTS

· Revenue: US$ 528.1 million (H1 2011: US$ 383.6 million).

· Operating loss: US$ 33.8 million (H1 2011: US$ 21.6 million profit).

· Net loss: US$ 47.1 million (H1 2011: US$ 18.6 million profit).

· Diluted EPS: negative 18.10 cents (H1 2011: 8.55 cents).

· No interim dividend proposed (H1 2011: 4.00 cents).

· Cash and bank balances as at 30 June 2012 US$ 134.0 million, including restricted cash of US$ 101.4 million. (YE 2011: US$ 149.4 million, including restricted cash of US$ 105.5 million).

· Net debt at 30 June 2012: US$ 35.7 million (YE 2011: US$ 101.7 million).

· Banking waivers received following certain covenant breaches at 30 June. The Group`s banking covenants will be tested again at 31 December 2012, ahead of which the Group will seek to restructure its covenants on a long term basis to avoid a year end breach.

H1 2012 OPERATIONAL SUMMARY


· As announced, delays on Windcarrier 1 and 2 have resulted in additional costs and liquidated damages, resulting in US$ 46.2 million of gross contract losses in the period.

· Supply chain delays relating to major components for new build jackups, delivery dates to Lamprell's customers maintained.

· Successful delivery of Hull 108, Seajacks "Zaratan", two new build land rigs, NDC "Makasib" and several rig refurbishment projects

· Increasing demand for the Company's service businesses.

NEW CONTRACT AWARDS

Major new contract awards during 2012 amounting to US$ 743.1 million. These include:

· the exercise of two options at US$ 166.7 million each, by National Drilling Company, to build a further two LeTourneau S116E jackup drilling rigs;

· the contract award by Seajacks for the construction of a modified Gusto MSC NG 2500X self-elevating and self-propelled jackup for offshore oil and gas and offshore wind turbine installation valued at US$ 120.9 million;

· a US$ 227.0 million contract award for an international drilling contractor for the construction of a LeTourneau S116E jackup drilling rig; and

· an award by Leighton of a contract for the fabrication of two topsides and jackets valued at US$ 62.0 million.

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Saudi Arabia Joint Venture

Lamprell forms a Joint Venture to expand operations in Saudi Arabia through the Shoaibi Group and AYTB

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries in the Middle East, has signed a joint venture agreement with Shoaibi Group, a Saudi industry and energy services provider, and Al Yusr Townsend and Bottum L.L.C ("AYTB"), a Saudi integrated industrial, technical and logistical services provider, to form Lamprell Arabia Ltd.

The Joint Venture, which will be based in Al Khobar in the oil rich Eastern province of Saudi Arabia, intends to establish a presence for new build fabrication, refurbishment and repair of land drilling rigs in Saudi Arabia, by combining Lamprell's expertise in this sector, Shoaibi Group's strong experience in the Saudi onshore and offshore market and AYTB's operational support facilities and multi-disciplinary workforce. Lamprell Arabia Ltd. will offer new build fabrication, refurbishment and repair of Saudi land rigs, ancillary fabrication for onshore assets and services on Saudi offshore rigs, with the intention of opening a local workshop in the recently built Shoaibi Group Oil and Gas Park, located in the Industrial Village zone in Dammam, Saudi Arabia.

i think there are better investments in this sector and part of the world - PFC is the very obvious choice

Agree Cynic, however Lam has been badly beat up, probably more than justified and I think it may be due nice bounce in a rising market. Got in below 90p a few weeks ago, hoping for 120p. H

i know pfc are much heavier, and though i certainly wouldn't want to be one of their contractors - they squeeze them very hard - they are a first class company as their consistently strong performance shows

someone RAMPING - PFC ?
As usual ( he/she ) is on the wrong thread and filling down after ...... Getting kicked left right and center all day long around "moneyam"

everybody has different strategies on making money, no long term as you say today but not yesterday after getting out with 1.50p profit.

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sutherlh1

LAM is strongly bouncing from a double bottom

buy cheap sell high is the motto

me too got at 87.05p less than a month ago

what's up with you you tosser???
metioning that one prefers Company X to Company Y is suddenly deemed to be ramping???????

if you look back, you'll see that i used to be a big fan of LAM but have lost confidence in them ..... i rather feel that LAM's new JV in Saudi is grasping for straws and their only real hope is that someone (PFC?) will take them out

Gotcha

did you see a .......? blind an old it seems

you better go to see father X and confess of your sins

money to the ones who deserve it

misery to the devils with BIG mouth ( they have not bleach to clean it up )

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keep going up baby 113 now

what a strange chap you are

good
all settle now
glad you took the tables
a stoke could be on the way otherwise
and one does not wish that, not even to the worse enemies

ROFLMAO!

I wonder why some people are interested on PFC?

.........maybe is because there is no Stamp Duty with PFC

some people think they are clever on avoiding taxes

some on the tax office called it ....... tax avoidence

cynic maybe a bid from PFC is on the cards .....cheap as chips up 12% today

hi hali .... certainly not impossible though it's questionable whether or not LAM would add any value to them

MJ - you total and utter arsehole ..... as i deal with CFDs stamp duty has no effect on me whatsoever ..... i like PFC solely because it's a very good company in the right sort of of sector ...... and nor is it any crime to avoid tax, as i am perfectly sure you do to the best of your or your accountant's ability ..... if you don't, then you're even more of an arsehole if that is possible