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.

Trying to move forward today after going sideways for the last couple days

Looks like a doji with volume on the chart.

IMS must be due soon?

Nothing on their Calendar until May atm.

Trading Statement

Summary and outlook

In light of continued good progress made by the Group, the Company expects performance for the year ending 31 December 2013 to be ahead of our previous expectations. As we move into 2014, we remain focussed on the conversion of our pipeline of opportunities into contract wins and on delivering sustainable growth. While market conditions remain competitive and delays in project awards remain a feature of the industry at the present time, we are in active dialogue with a number of prospective clients for new orders and the level of our tendering remains positive.

As of 31 December 2013, the Group's order book was valued at US$0.9 billion (31 December 2012: US$1.2 billion) and the bid pipeline, reflecting the broad range of bids and prospects that are currently being pursued, at approximately US$4.7 billion (31 December 2012: US$ 4.0 billion).

Operational highlights

We have made significant improvements to our project execution throughout 2013 and this has continued during the last few months. All projects are progressing well, on budget, and are expected to achieve timely deliveries. The Group's primary activities at present relate to the construction of eight new build jackup rigs in our Hamriyah facility, the new major rig conversion project at our facility in Sharjah and the production, utilities and quarters deck project in our Jebel Ali yard.

Order intake during 2013 was lower than in previous years due to delays in project awards as stated above and the new management's focus on delivery of existing projects and re-positioning the business for a return to profitability. However, we secured major orders from our existing clients including repeat orders from the Jindal Group and the Greatship Group, the rig conversion of the MOS Frontier as well as a number of smaller contracts, notably in our land rig services business. The Group has a well-established and proven track record in these areas, all of which form part of the Group's core competencies, and we are in dialogue with a number of prospective clients for new orders.

Financial position

The Group's net cash position at the end of December 2013 was around US$180 million, significantly ahead of our expectations. This came as a result of a combination of hitting project milestones early and the timing of supplier payments. Consequently we are currently experiencing a stronger working capital position but we anticipate that this will unwind in the coming months and the net cash position will trend downwards towards the end of the first quarter of 2014 in line with the normal project cycles.


Jim Moffat, Chief Executive of Lamprell, commented:

"2013 has proven to be an important year for Lamprell with the business returning to profitability. We now anticipate that the outturn for the full year will be ahead of our previous expectations as a result of the continuing improvement in project execution in the last few months. We are focussed on our core strengths of a first class safety performance, high build quality, client satisfaction and our commitment to reliability. Against a competitive market backdrop we are playing to these strengths and are in dialogue with a number of prospective clients for new orders.

The business made great strides in 2013 and we need to build on this in 2014, developing our strategy to ensure that Lamprell is competitively positioned for sustainable growth over the long term. Our focus will continue to be strong execution, maximising efficiency and productivity and investing resources in those areas where we see growth opportunities for Lamprell."



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perhaps LAM is worth looking at once more

Hopefully some broker murmurings later.

JP Morgan Cazenove Overweight 154.25 154.25 175.00 175.00 Reiterates

Investec Hold 157.38 157.50 145.00 155.00 Upgrades

DISPOSAL OF 'INSPEC' SERVICE BUSINESS

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 it has completed the sale of one of its service businesses, International Inspection Services Ltd. ('INSPEC'), which is a UAE-based provider of non-destructive testing ('NDT') and associated services to the energy industry.

Lamprell has today completed the sale of INSPEC to Intertek Testing Services Holdings Limited for a total cash consideration of US$66.2 million. Lamprell will remain a significant customer of INSPEC and, as part of the sale agreement, the Group has also entered into a multi-year preferred supplier agreement with Intertek for the provision of services by INSPEC. This secures the supply of high quality NDT services for the Group for the medium term.

Established in 1993, INSPEC operates across the UAE and Oman, employing 720 staff, and delivered a positive performance during 2012 with a net profit of US$6.3 million (based on the 2012 audited accounts and excluding a provision for impairment of trade receivables of US$1.3 million). Audited gross assets for the INSPEC business as at 31 December 2012 totalled US$26.0 million.

As previously announced, the Board has been reviewing the ownership of certain service businesses which do not form part of the Group's core business, of which INSPEC was one. The Group will continue with its process to dispose of the other non-core service businesses but only if acceptable terms can be obtained and subject to Board approval.

Lamprell will use part of the proceeds from this disposal to pay down a substantial part of the high cost portion of our secured debt facility that was put in place last year. The remaining proceeds will be used to further develop our strategy to enable strong project execution and maximise efficiency and productivity opportunities within the Group.

Took a few days after the disposal for the share price to appreciate, but today it did with larger volume than normal

NOTICE OF RESULTS

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, will announce its financial results for the period ended 31 December 2013 on Wednesday 26 March 2014.

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Bought some stock at 128.50p, could be the end of last week drop as the market looks ahead to the results on the 26th

Stronger order book today and spiking
must be buying ahead of results next week

Interims 26th March.

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harry

your chart is a bit marky, so I am placing this one, with clear ideas and visions on the next stages it could reach by next week.

In auction - nice change!

Another 4p up this morning as the MACD goes positive moving above 0

nicely moving higher ahead of Wednesday results now moving over 145p
since reaching lows last Thursday has move up very fast