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.

It needs to break 153 (the high since last May), RSI back on the up.

from 144.75 to 150.50p

down to 147.25p ........

50% intraday retracement and up again

RNS Number : 3744A

Lamprell plc

19 March 2013

19 March 2013

LAMPRELL PLC

("Lamprell" and with its subsidiaries the "Group")

DIRECTORATE APPOINTMENT

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, announces that, further to its announcements of 3 December 2012 and 4 March 2013, James Moffat has now been appointed an executive director on the Board.

- Ends -

Final Results

(Loss)/profit before income tax and before exceptional items (105.0) v 74.0


(Loss)/profit before income tax and after exceptional items (109.7) v 63.5


(Loss)/profit after income tax (110.5) v 63.3

Diluted (loss)/earnings per share (US Cents) (42.4) v 26.5

Appointment of CFO

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, announces that, with immediate effect, Frank Nelson has been appointed as Chief Financial Officer and has now been appointed an executive director on the Board. Mr Nelson had been Interim Chief Financial Officer since 12 November 2012.

John Kennedy, Chairman, Lamprell, commented:

"I am pleased that Mr Nelson has agreed to join the Board and to take on the role of Chief Financial Officer on a longer-term basis as he has been instrumental during the last six months in the process of stabilising the business and repositioning it for future growth."

- Ends -

Bank of America Merrill Lynch Buy 0.00 141.25 140.00 180.00 Reiterates

JP Morgan Cazenove Underweight 141.25 141.25 114.00 114.00 Reiterates

Full note here Skinny from M LYNCH (not a buyer)

http://www.instutrade.com/media/22388/ml-lamprell.pdf

Yep - saw it earlier - thanks GF.

150p has been the resistance point before and yet again today

still very volatile, and yet again is now at the near top of that resistance

Looks like a Bullish engulfing candle.

Lamprell aims for quieter times

The new management of Lamprell has vowed that there will be no more shocks as the oil-rig maker plots a cautious path to recovery after issuing five profit warnings in seven months.

The FTSE 250-listed company, announcing a pre-tax loss of $105 million for last year, refused to set any new profit forecasts beyond promising to break even this year.

2013 ANNUAL GENERAL MEETING


Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, announces that, further to its announcement of 31 January 2013, the Company's 2013 Annual General Meeting will be held at Level 15, Rolex Tower, Sheikh Zayed Road, Dubai, United Arab Emirates on the revised date of Monday 27th May 2013 at 10:00 AM (UAE time).


- Ends -

A good balance Edmond ............

Edmond Jackson's Stockwatch: Lamprell (LAM) | Fri, 22/03/2013

The latest 2012 preliminary statement from this engineering services provider to the international oil and gas industry shows its new management team achieving a platform for recovery after serial woes last year. The FTSE SmallCap shares in Lamprell (LAM) are testing 150p, up at least 50% since I featured them as a recovery play for 2013, then reiterated it in January following news of waivers on bank covenants.

While the pick was a good one - an essentially sound business with actionable temporary problems - the turnaround is also benefiting from "a robust and expansive oil and gas industry" and the shares' rally also from the "risk-on" sentiment fuelled partly by quantitative easing. This has largely anaesthetised markets against ongoing global risks, yet as the news over Cyprus shows, some are inflammable. Operationally and financially the business appears to have passed its nadir, so the main future risk is whether the oil and gas industry gets hit by external factors.

Lamprell financial highlights Year to 31 December 2012 2011
Revenue ($ million) 1,045.50 1,147.90
Operating loss/profit ($m) -84.5 90.2
Loss/profit before income tax and before exceptional items ($m) -105 74
Loss/profit before income tax and after exceptional items ($m) -109.7 63.5
Loss/profit after income tax ($m) -110.5 63.3
Diluted loss/earnings per share (US cents) -42.4 26.5
Net cash/debt as at 31 December ($m) 104.1 -101.7
Dividend per share (US cents) 0 8

In terms of limiting downside risk, there is an equivalent 47.2p a share of net tangible assets, although the real prop is customers' confidence after last year's publicity over mismanaged contracts.

This is shown by new contracts with an aggregate value of $930 million (£614 million) last year supporting a current backlog (order book) of $1.3 billion and a bid pipeline of $4.1 billion. Just recently the Jindal Group has entered a second jack-up rig contract, which underlines market credibility. The preliminary statement notes a joint venture for land drilling rig services in Saudi Arabia, "enhancing our strong presence in that market... we plan to leverage our long-term relationships with our Saudi partners and our well-established expertise in the land rig sector".

A new chief executive and finance director are now in place and there has been a clean sweep of the previous senior management team - a desirable yet rarely achieved goal in recovery situations. Usually certain individuals are kept under the guise of ensuring continuity and because wholesale replacement is difficult and expensive; however this may not achieve a break with the past.

Yet Lamprell appears to have achieved such in four months, with a new organisational structure prioritising project management and execution aligned with reporting structures. This should cut, if not eliminate, nasty surprises.

While the losses story conveys "Lamprell in the red" with no dividend, this is historic news, hence the shares firming near 150p despite wider market falls. Bear in mind that projections are difficult at this stage and what forecasts exist do not anticipate significant profit; hence the forward price/earnings multiple is currently high, over 20 times. This reflects the board's expectation for 2013 as "a recovery year, with stable revenues as compared to 2012 and a gradual return to profitability during the year". Timing issues make it hard to determine whether profit or loss will result but the circa 50% re-rating in the shares shows the market recognises the stepping stones put in place.

Recent broker views and targets are mixed, with Bank of America Merrill Lynch (the company's broker) upgrading from 140p to 180p and advising 'buy' while JP Morgan Cazenove reiterates 'underweight' with a 114p target. Yet this is typical of a situation where brokers promoting the shares became embarrassed and moved on, such that the company is left with its own in support and others cautious.

Besides ongoing contract news, a restructure of debt facilities with revised covenants is the next milestone to watch for, although the preliminary statement does not give clues as to timing. The profile of borrowings is short term, however they have been cut from $251.1 million to $159.3 million in context of balance sheet cash up from $149.4 million to $263.4 million, which altogether removes the risk of catastrophic loss to shareholders - among the reasons for a sub-70p share price low last year. The rather rapid improvement in the debt/cash profile also shows Lamprell's problems as relatively short term and manageable.

The new team looks to be defining the art of the modern turnaround; I believe doubts that remain relate more to general industry risk (according to global economics and politics). Among reasons for the decline in 2012 turnover was a substantial fall in the renewables segment which saw lower activity, not solely delays in Lamprell's execution. Yet offshore platform construction saw an approximate trebling of revenue and it is likely going to need some major geopolitical event to compromise momentum in oil and gas activity.

I would therefore distinguish Lamprell from the kind of recovery shares that can be a flash in the new year pan - rising with the classic January risk rally then reversing. This happens when the industry involved remains weak, company finances challenged and past cultures/people continue.

While this set of results is red-inked, it crucially underlines a radical departure from the past, and in a healthy industry, hence patient shareholders should continue to be rewarded.

nice to have a sensible appraisal in english rather than technical analyst gobbledegook

Liberum Capital Buy 142.25 139.50 175.00 175.00 Retains

Nice to have a Barsteward as a cynic

Instead of PFC on the Portfolio ............

cynic - 01 Mar 2013 09:58 - 505 of 505
this one is turning into a real bad egg, despite consistently turning in annual growth in mid teens

note - some nasty one's can not keep their mouth shut, it seems they were born in a cold stable.

MJ/MRSI/menorca1 (et al) - back in your cage you silly boy ...... you've managed to keep a civil tongue for the last few weeks, so try your best to keep it that way; you then remain interesting to read

as it happens, i hold both LAM and PFC

you can try to have what you have not got

but you do not need to try, you got plenty of nastiness may I say ( keep it for you cold stable family ), so I will allways have an answer and put you down like a DOG you are.

try to read back, try to remember, you suppose to learn from your old suffering life, do not try to give hard time to posters here.

stop hidding yourself under mama's shirt and go complaning to MAM.

You have been a GRASS all your bl@dy life.


re - cynic - 28 Feb 2013 13:37 - 497 of 500
have already requested that this arschloch be removed once again

Ruprecht - behave or i'll have to take away your favourite saucepan and spoon .... it seems you forgot to take your medication this morning so please go and take it straight away

all settle

go back where you belong now

plenty of Vodka, but you prefer....cat's milk

plenty of noyse but not Luton

plenty of problems but not the court room

plenty of cash but not for the TAX man ( tax avoidance )
people call it ... crooks