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.

Entering a very 'gappy' area.

Took profits at 87p, the spike is very large and has the habit of profit taking after that.

I also like the gaps, could see this over 100p. Have topped up again this morning. Good forward order book, especially if managed well. H

Directorate Change

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that James Moffat has been appointed as Chief Executive Officer effective March 1st, 2013.

market sentiment is very positive on this one at the moment.

Toying with a quid, RSI looking strong.

SP trying to break through 100p, then what?

The gaps to 105 & 120p perhaps.

skinny make it 120p our xmas prezzie,

BANKING WAIVERS AND CONTRACTS UPDATE

Lamprell is pleased to announce today that it has received the necessary waivers from its various lenders with respect to its existing debt facilities. As previously announced, Lamprell has been in discussions with its lending banks in order to seek waivers of certain of its banking covenants before the year-end. These discussions have been successful and culminated in a waiver of its financial covenants under the debt facilities, which were due to be tested on 31 December 2012.

The working capital position of the Company has improved significantly in recent months and we have ended the year with a net cash position in the region of US$100 million. This has resulted from higher levels of revenue and the enforcement of tighter financial controls.

As anticipated, the revenue levels will reduce in the early part of 2013, however we remain confident that, with the support of our core lenders, we will continue to have adequate working capital to finance the business and to have access to the necessary financing arrangements in order to fund certain new projects. In addition, the Company is moving forward with a wider financing of the business which will provide a longer-term financial platform to fund its growing activities. This is expected to be completed during the first half of 2013.

With regard to the Caspian Sea jack-up project (as referred to in the Company's announcement of 19 November 2012), Lamprell has successfully launched the rig into the water in accordance with the current completion schedule. Given the challenging weather conditions in the Caspian Sea region, this milestone was of critical importance and released a significant associated milestone payment.

As announced previously, the Company has been taking various steps to mitigate the potential losses on the Windcarrier 2 project and, as a result, is confident of delivering the vessel as planned on 15 February 2012, with the naming ceremony scheduled to take place on 19 January 2012.

In another example of the strong support that the Company continues to receive from its customers, Lamprell has recently been awarded a further North Sea related project valued at approximately US$40 million and it relates to one of our stated core discipline areas in which the Group has a strong track record.

Lamprell is planning to release a more detailed trading update for the period ending 31 December 2012 in late January 2013.

one gap filled - another opened!

Roaring ahead after the positive news 111p +17p

a remarkable turn-around in the fortunes of this company ...... i wonder if it makes it any more or less vulnerable as a t/o target

Merrill Lynch note today:
"It has been a long time coming, but despite some scepticism in the market Lamprell this morning reported a positive trading statement. The key issue surrounding covenants has been resolved, with the company being able to receive waivers for the covenants that would have been tested on Dec 31st. We have always expected waivers as there has been no question regarding the liquidity of the company. Net cash at the year end stood at c.US$100m, helped by better financial controls in place, milestone payments and higher activity levels.
Following the rally the shares have shown since the mid November trading statement, we have just 30% upside today. However, the outlook remains encouraging and we anticipate that the good news can continue to flow. From a valuation standpoint, Lamprell now trades in line with the sector for 2014, at a PE of 10.4x. Following today's release we are leaving our estimates, PO and Buy rating unchanged, and expect to see the rerating of the shares to continue."

120/130 a busy area.

So back to 65p any time soon then!!! ;o)

Nah!

sp moving up nicely, is there some good news coming?

Hmmm - I've been stopped out for now.

Rig delivered ontime and on budget, good news