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.

Completion of debt refinancing

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, further to its announcement on 16 May 2014 that the Group had signed a commitment letter and detailed heads of terms in respect of a new secured banking arrangement, yesterday it signed a definitive agreement with the lenders for the syndicated facility.

Drawdown is expected to take place shortly. The agreement remains subject to certain conditions subsequent which Lamprell anticipates being satisfied in the next few weeks. The new arrangements will replace the Group's existing funded facilities with a US$350 million facility, comprising a US$ 100 million term loan, US$ 50 million for general working capital purposes and US$ 200 million of working capital for project financing. In addition, the lending banks have agreed to arrange a committed US$ 250 million bonding facility which may be used by the Group for project bonding requirements in connection with new contract awards.

Another few pence and am tempted to move on from LAM. Seems to be a bit stuck in this range.

Interims tomorrow Harry.

Which could be either good or bad for the sp! Decisions....decisions...

Interim Financial Results

Financial highlights
· Results for the first half of 2014 ahead of expectations due to strong operational performance and early results from savings initiatives, generating improved margins
· Revenues are up by US$ 125.7 million against H1 2013 as a result of the high H1 activity levels and phasing of construction activity during the period
· Successful rights issue and refinancing provides a strong financial platform and enables delivery of long-term growth strategy

Operational highlights
· Strong operational performance in all core markets enhances Lamprell's track record for project execution
· Successful delivery of two jackup rigs to National Drilling Company, the 13,200 tonne production utilities and quarters deck to Nexen for use in North Sea sector and a new self-propelled jackup vessel to Seajacks
· Largest and one of the most complex rig conversion and refurbishment projects in Lamprell's history delivered to the client after the period end
· Over US$ 900 million of new awards since January 2014 including multi-rig awards from each of Ensco and Shelf Drilling, as well as an award from Petrofac for modules to be deployed in Abu Dhabi
· As at 30 June 2014, backlog of US$ 1.2 billion (31 December 2013: US$ 0.9 billion) with bid pipeline increasing to approximately US$ 4.9 billion (31 December 2013: US$ 4.7 billion)
· World class safety record continues on various projects including ten million manhours without a lost-time incident on Nexen project
· Project Evolution, a programme to deliver material productivity improvements and cost efficiencies, is progressing well and generating some early returns

Current trading and outlook
· Five new build jackup drilling rigs to be delivered between November 2014 and March 2015
· Order book rebuilt and now extending out to Q2 2017
· Continued strong demand for our core markets as demonstrated by increased bid pipeline
· All ongoing major projects progressing well
· Revenue expectations for FY 2014 unchanged; lower revenue levels expected in H2 2014 compared to H1 2014 due to timing of build cycles and reduced activity in onshore and offshore construction market
· Full year outturn anticipated to be ahead of expectations predominantly due to projected continuing strong operational performance and initial savings from procurement activities
· As previously announced, revenue for FY2015 expected to be broadly flat on FY2014 with significantly fewer major project completions in FY2015
· Drive to target further reductions in overheads

I had a sell on at 162p and it has triggered, so out for now.
The RI shares at 88p have helped greatly!

Looking to break 175p.

Are you staying in Skinny or have you taken profit?

Undecided - I had this level in mind (175p), but I'll hold for now, but won't hang around if it fails.

Harry, I no longer hold these, but they are back on my list after the recent weakness.

COMPLETION OF SECOND CASPIAN SEA DRILLING UNIT


Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has successfully completed construction of the second Caspian Sea jackup drilling rig, the "Mercury".

Completion of this rig is another significant milestone for the Group, particularly as it has been built under challenging conditions but with an excellent safety record and several weeks ahead of schedule. In light of this and further to the Company's announcement on 28 August 2014, timely completion enables the Company to release contingencies held in connection with this project which will have a significant positive impact on the 2014 financial results.

The "Mercury" is the second vessel that Lamprell has built for this client. Delivery of this rig will take place in the coming month and the rig is then expected to commence operations on its first contract elsewhere in the Caspian Sea alongside its sister vessel, the "Neptune" rig, which was delivered in November 2013. A number of key operational improvements, learnt from this first rig project, were successfully implemented onto the "Mercury" project allowing Lamprell to complete as planned.

TRADING UPDATE
Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, today publishes a trading update for the period from 1 July to 12 November 2014.

Summary
· The Group continues to make good progress building on the strong performance in H1 2014
· Four major projects to be delivered in the coming months; currently all on schedule
· Productivity improvements and cost efficiency initiatives on track
· New contract award for two jackup rigs from National Drilling Company
· Performance for 2014 expected to be in line with our expectations, as disclosed following the timely delivery of the second Caspian Sea rig
· Previous guidance for 2015 reiterated in light of recent contract win

Operational update
The strong operational and financial performance that we delivered in H1 2014 has continued into the second half of the year in relation to the ongoing projects. Our portfolio of projects is progressing well and we are scheduled to deliver four major projects between November 2014 and March 2015, all of which are currently on schedule. The productivity improvements and cost efficiency initiatives being implemented across the Group are on track, which is contributing to our strong financial performance this year.

Since 1 July, Lamprell has successfully completed several key projects, notably the second Caspian Sea jackup rig, the "Mercury", earlier in October. Successful completion of that project was important to the Group and the Board is pleased that the Group was able to implement the lessons learned from the first Caspian Sea jackup rig effectively on the second project.

We also converted the jackup drilling rig, "MOS Frontier", into an accommodation support vessel and delivered the rig to the client in July. This was the largest rig conversion and refurbishment project in Lamprell's history and we have seen significant operational achievements on this project including excellent safety and quality. We are now seeing similar accomplishments consistently across the Group's various business units.

http://www.moneyam.com/action/news/showArticle?id=4922535

Having sold these @171.05p, they are definitely starting to look tempting again.

Any views Harry?

skinny - Sorry cocked that chart up. Never traded this, it looks interesting so watching as well.

My take fwiw is that unless sentiment changes dramatically in this sector, that old nuisance to use your words 'Anal gap filling' :0) Could send price down to 95p(ish) to fill gap left.
Hopefully as a worst case scenario.

The trend since Jan 13 has been between 120 - 180(ish)p. That last candle doesn't bode well, needs to bounce sharply.

Off my watch list for the moment, but agree that there looks to be a little more downside to come.

What sectors it in, oil = avoid just my HO.

Oil industry supply. They build and refurbish rigs for the oil and gas industry.

And a bit more Harry :

"Lamprell is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries."

oh yeah, that as well!

there can be no hurry at all to get back into any oilie or support service for same