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.

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

Agreed Harry, but sector not flavour of the month at the mo, (see PFC) and I can't see the sector improving anytime soon so be careful.

That oil price reduction whilst good for such things as petrol prices certainly isn't for world trade which is still depressed. Also the big one is the venerability of fraking in the states, if the oil price continues to decline fraking become less and less viable and very serious repercussions for a possible new dept scenario similar to the financial crash in 2008.

A nice bounce off of 115p - whether it will be sustained though is debatable.

DISPOSAL OF LITWIN SERVICE BUSINESS

Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the onshore and offshore energy industry, announces that it has entered into an agreement for the sale of one of its smaller non-core service businesses, Litwin PEL LLC ('Litwin'), to Nauvata group of companies for an enterprise value of US$ 3.0 million. Litwin is an engineering and minor EPC contracting company that serves the oil and gas, chemical and petrochemical sectors in Abu Dhabi.

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. Litwin has been operating in the UAE since 1991, currently employing approximately 80 staff, and was included among the group of entities acquired by the Company in 2011. In 2013, Litwin delivered an operating loss of US$ 5.3 million (based on the 2013 audited accounts). Audited gross assets for the Litwin business as at 31 December 2013 totalled US$ 9.1 million, however there is an overall net liabilities position in the business.

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 the proceeds from this disposal to support general working capital requirements on its core business streams.


- Ends -

ie LAM are feeling very squeezed for cash and therefore its continued viability in the longer term may be under threat

Alf, whats you opinion of the oil sector in general short/medium/long term?

The bounce continues....

Stan - in honesty, i'm not sure in the short term ..... opec (aka saudi) can happily live with low crude prices (forget the quality of the crude) and would be happy to see marginal shale oil/gas producers put to the sword ..... i don't think the saudis have much love for the russians either, and they too will be adversely affected

nevertheless, i recollect that the saudi budget is based on crude prices of $85, and though their (cash) reserves are massive, even they won't be too happy (i guess) to see crude significantly below that level for long

of course, we are also now heading into the winter (high consumption) period, so for sure there will be an increase in usage of both oil and gas for heating - and of course not forgetting the importance of oil and its by-products across the whole chemical process


i'm not sure if that quite answers your question, but i am reluctant to drivel on at length unless specifically asked to do so

PRE-CLOSE TRADING UPDATE