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.

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

Managing to go over 130p though did not hold at the close, but close enough

Looking for an opportunity sub 130 to add.

Ditto.

Trading Update

Projects update and contract awards

As scheduled, Lamprell had its naming ceremony for the Windcarrier 2 project on 19 January 2013, with various members of the senior management from the customer, Fred Olsen, present. The Windcarrier 2 vessel left the Jebel Ali facility within the last few days and has commenced its final sea trials prior to completion. The Group remains on track to deliver the vessel to the customer as planned on 15 February 2013.

The Group recently completed the construction of the jackup rig "Greatdrill Chaaya" and delivered it to Greatship Global Energy Services Pte. Ltd. Completion and delivery of the rig, on budget and just 18 months after initial steel cutting, was marked with a ceremony at Lamprell's Hamriyah facility in the UAE, followed by the rig's departure from the facility on 17 January 2013 to its drilling location in India. The project was completed with 3.9 million man-hours without a lost time incident.

Since the beginning of the year, Lamprell has been awarded a number of contracts for rig refurbishment projects, one of the Group's core competencies in which it has a well-established and proven track record. This includes a contract for the repair and upgrade of the jackup rig, Rowan California, for Rowan Drilling as well as the major upgrade of Gulf Drilling's jackup rig, "Gulf 3". These refurbishment works will be carried out at Lamprell's facilities in Sharjah and Hamriyah. The Group will also be undertaking the upgrade works on a land drilling rig for NDC, one of our key existing customers, and preparing a jackup rig for Seadrill Asia, the "AOD 1", to comply with the end client's requirements, in anticipation of it operating offshore Saudi Arabia. Collectively, these rig refurbishment projects are valued at circa US$30 million.

Financial update

Lamprell announced on 2 January this year that it had obtained a waiver from its lenders to certain financial covenants in its existing facilities that were due to be tested on 31 December 2012. The Company is continuing discussions with its lenders in connection with the re-financing of its debt and has made good progress to date. The Company and its lenders are working closely to secure a longer-term financial platform to fund future growth and also, in the short term, to ensure that there is no impact on operations. While all parties have expressed a strong willingness to move forward constructively and in a timely manner, it is likely that the process will take several months before completion. The Company is confident that it will continue to receive the necessary support from its lenders.

Overall, the Group's trading position remains stable and our previous guidance for the full year ended 31 December 2012, as outlined in the announcement on 19 November 2012, remains unchanged. The working capital situation continues to be healthy.



John Kennedy, Non-Executive Chairman, Lamprell, said:

"We continue to see stability returning to the business and to our operations, as we start to deliver on existing key projects and steps that we have taken to re-establish financial and operational control over the business become effective. The Group has started the year well, with notable positive progress made regarding some major projects and in the cashflow situation, and this allows us to look forward with renewed confidence.

We are particularly pleased to see further rig refurbishment projects being awarded to us by our existing customers, an area of traditional strength for Lamprell. As we have stated previously, Lamprell will continue to focus on core disciplines where it has a proven ability to deliver a high quality product in a timely manner. This includes the rig refurbishment business, which has been a cornerstone for our business for many years and which will continue to be a high priority for us during this recovery year."



Future announcements

Lamprell will announce its financial results for the year ended 31 December 2012 on Thursday 21 March 2013. There will be an analyst presentation held at M:Communications, 11th Floor, Citypoint, 1 Ropemaker Street, London, EC2Y 9AW at 09:00 AM (UK time).

Further, the Company is planning to hold the 2013 Annual General Meeting for Lamprell plc on Tuesday, 21st May 2013 at 10:00 AM (UAE time).

- Ends -

Well received that TU. +5% so far, Trading at Lamprell (LAM) has stabilised after a disastrous 2012 with a number of rig refurbishment contracts coming through but the company continues to rely on the support of its lenders during talks to try to sort out its financial situation.

Contract Win

A break of 139.50 would be positive.

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 it has received a new contract award from Dev Drilling Pte Limited, a company within the Jindal Group ("Jindal"), based in Singapore, for the construction and delivery of a completely outfitted and equipped, LeTourneau designed, self-elevating Mobile Offshore Drilling Platform of a Super 116E (Enhanced) Class design.

Looking better here.

Seems to be recovering, Is the spread still a bit on the large side?

Not particularly Stan - I got inside the spread twice today, when the quoted spread was 0.25p.

Smutty! :o)

From IC web page today -

A total of five profit warnings in six months must be some sort of record. Shares in Lamprell

plunged from 366.5p in May last year to a low of 63p in November. The oil rig maker's woes ranged from slippage on important contracts to late deliveries of vessels. The news flow since has been entirely positive. Talks with lenders were going well and a trading statement indicated plenty of work coming through on rig refurbishments.

Yesterday the company announced the award of a contract, worth in the range of $150m to $170m, to produce a new rig, the second for the same Singapore client. There is an option to build a third, so at least one big customer has confidence in the company. Lamprell will still produce horrendous losses of well over $100m for 2012, while this year will offer little better than a flat result. "The rules of the game are that I am not allowed to shuffle my portfolio mid-year but, if I were a real investor, I would be tempted to take some profits at this stage," Tempus in The Times writes

Kim - I have to take it where I can these days :-)

Lol!

Looking to break 150 - quite a gap above!

Got a chart skinny?