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.

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

Some late buyers ahead of tomorrow's result and gone to 147.25p

2013 Financial Results

Financial highlights
· Positive financial results demonstrates the Group's on-going recovery
· Revenue performance slightly ahead of 2012, driven primarily by strong jackup rig activity
· Returned to profitability after challenges of 2012
· Significant reduction in facility and corporate overhead costs by 17%, with further initiatives being implemented
· Net cash position for Group at year-end of US$183.8 million, trending downwards
· Successful refinancing secured with debt facility committed to June 2016
· Disposal of Inspec service business in March 2014, resulting in early repayment of a substantial part of the high cost portion of our debt facility

Operational highlights
· Strong operational performance during the year
· Further successful major project deliveries in 2H 2013 including:
o the Group's first Caspian Sea jackup drilling rig
o the jackup drilling rig to Jindal Group, on schedule and on budget
o a set of process modules completed to high specifications for North Sea client
· Awarded two new build jackups, with an option for a further one, and further refurbishments projects including the largest rig conversion in Lamprell's history
· Board and executive management strengthened with appointments of new Chief Executive Officer and new Chief Financial Officer, as well as more recently a Chief Commercial Officer to drive business development
· As at 31 December 2013, backlog of US$0.9 billion (30 June 2013: US$ 1.1 billion), with a bid pipeline at approximately US$4.7 billion (30 June 2013: US$ 4.6 billion)
· Continued focus on the Group's safety track record and high build quality has resulted in world class standards consistently being achieved
· Completed initial phase of new Oracle ERP system implementation

Our Strategy
· Detailed review of strategy completed and implementation under way
· Medium-term focus on our core markets of new build rigs, offshore construction and fabrication, liftboats, rig refurbishment and land rig services
· Longer-term goal to broaden our offering into new but related markets including modular LNG and onshore plants, and to re-enter the FPSO markets
· Review process for the non-core service businesses continues

Current update and outlook
· Current major projects progressing on schedule and on budget
· Seven major projects being delivered during 2014
· High bidding activity; engaged in a number of active discussions regarding prospective contracts
· Highest priority remains the conversion of the Group's increased bid pipeline into contract wins
· With lower recent order intake, revenues for 2014 and 2015 are expected to be slightly lower than 2013 while the Group rebuilds its order book

It reads really well until the last sentence! Lets hope the market reads it positively.

Yes they should have 'dropped' that last sentence.

They certainly should.........down nearly 9%.

Investec Hold 139.88 155.00 - Reiterates

Link copied from over the road News from the Lamprell Group

although i used to follow and trade in LAM quite a lot, it really is something of a one trick pony, as opposed to PFC (my current fave!) which is much more diversified in the same sort of field

I've probably held for too long this time, although expectations are rising again.

Likewise, though am not too far in the red atm and LAM seem to be getting themselves sorted out.

StockMarketWire.com
Lamprell has won a $390m contract from Ensco Intercontinental for the construction and delivery of two high specification, LeTourneau-designed, self-elevating mobile offshore drilling rigs

The Super 116E (enhanced) class rigs are designed to operate in water depths of up to 340 feet with a rated drilling depth of 30,000 feet, and will also incorporate a number of Ensco proprietary features and specifications.

Lamprell will fabricate both jack-up rigs in its Hamriyah yard, located in the United Arab Emirates. Delivery of the first rig to Ensco scheduled to take place in the second quarter 2016 with the second rig being delivered in Q3 2016. Under the contract terms, Ensco also has options for Lamprell to build two further jack-up rigs of the same design and these options are exercisable within a period of six months from the effective date of the contract.

The contract is valued at approximately US$390m, excluding the options

About bloody time!

It would be more interesting if it closed above 150p.

Link copied - Jack-up rig builder Lamprell seeks to diversify

Skinny,
I've always thought that this one http://www.moneyam.com/InvestorsRoom/posts.php?tid=10264#lastread is the better one to trade in the sector, not least because the spread is reasonable and theres no stamp duty (for us share traders that is).

.

Thanks Stan - I do follow PFC loosely, but haven't traded it recently and I do buy shares! :-)