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.

RESULTS OF 2015 AGM


At the Annual General Meeting of the Company held at 10.00AM (local time) today at 7th Floor, Jumeirah Emirates Tower, Sheikh Zayed Road, Dubai, United Arab Emirates, all the resolutions set out in the Notice of Annual General Meeting ("AGM Notice") published by the Company on 2 April 2015 were duly passed except for resolution 5 which was not put to the meeting in light of the announcement from earlier today that Peter Whitbread would not be standing for re-election.

more....

ttt for no other reason that for the technically minded it looks like the 50ma will cross the 200ma in about 2 weeks.

Consolidating nicely on good volume

and the green line crosses the black line and finally we seem to have spent enough time consolidating at 150 and are back to testing 155

Ironically I've just upped by sell order.

I appear to be out of these now!

I'm out today as well. It looks overbought on a short term time frame and I'm getting very nervous over the state of the FTSE.

PRE-CLOSE TRADING UPDATE


Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, issues the following pre-close trading update for the period from 1 January 2015 to date.

The Group is on track to deliver results for 2015 in-line with previous guidance. The Group has continued to see strong operational and financial performance in 2015 with the delivery of three major projects during the first half of the year. The measures to improve business efficiencies and reduce overheads across the Group are moving ahead as planned and all ongoing major projects are progressing well. There are currently six jackup rigs under construction in the Hamriyah facility and this will increase to seven concurrent rig construction projects in 2H2015. The piperack modules construction project for Petrofac, which is being undertaken in our Jebel Ali facility, is progressing well with initial modules to be delivered later this year.

Following the announcement on 2 December 2014 and satisfaction of the conditions, the Group completed the disposal of one of its smaller non-core service businesses, Litwin PEL LLC, in April.

In April, Lamprell announced the award by National Drilling Company for another new build jackup rig, the ninth in a series of such rigs. NDC has further options for Lamprell to build up to an additional two jackup rigs of the same design, which run to 3Q 2015. In addition, the Group continued to see demand for smaller projects in other core markets. Among these, the Group secured an order for five additional piperacks and one module for an existing client and a contract award for suction caps and buoyancy tanks from a new client. Both the rig refurbishment and the land rig services business units have seen steady starts to the year with several awards from new and existing clients.

As anticipated, we have seen customers delaying some project sanctions for discretionary capital spend but Lamprell's bidding pipeline remains strong amid the challenging market conditions as a result of its high standards of quality and safety, competitive pricing and market leading operational performance. The Group's focus remains firmly on the conversion of a range of substantial bidding opportunities in the coming months. A degree of uncertainty remains as to the impact of the market environment on the sector.

With the solid start to the year, the Company expects that the full-year financial performance will be in line with previous guidance. As previously indicated, the Group's results for 2015 are expected to be heavily weighted towards the second half of the year reflecting the phasing of project deliveries, with a number of new major projects ramping up during the second half of the year.


James Moffat, Chief Executive Officer, Lamprell, said:

"We expected that 2015 was going to be a challenging year but we have made good progress during the first half of the year, both in terms of delivering projects to clients as promised and implementing our efficiency and productivity programme. We have proven our ability to win new work in a challenging market environment and our bidding pipeline remains strong. We will continue to focus on maintaining our competitive position in the sector and remain confident of our ability to win our share of new projects."


- Ends -

Canaccord Genuity Buy 152.50 151.00 - 180.00 Initiates/Starts

I've just had another stab here.

I hope your stab was short skinny?
Looking a bit dire atm, though declared short interest now very minimal.

Long closed Harry - without checking, I think I got out with 2-3 points.

Going nowhere atm - I've played with these and CIU for years - but currently!

A strong performance - probably on the back of the CIU update.

Interim Results

Financial highlights
· First half results in line with expectations due to continued strong project execution coupled with contribution from efficiency and productivity measures
· Revenues of USD 351.4 million, lower than comparative period in 2014 which was an exceptional result due to phasing of construction activity
· Gross margins of 11.6% in 1H 2015, down from an exceptional 13.6% in 2014 to a more normalized level, with market pressure offset by benefits of cost savings
· Robust cash position maintained, enabling continued investment in business improvement

Operational highlights
· Strong operational performance in core markets: three major projects delivered safely, on time, on budget and with high quality
· New rig contract awarded in April by largest client NDC; further awards from Petrofac for additional modules to be deployed in Abu Dhabi
· As at 30 June 2015, backlog of USD 1.2 billion (31 December 2014: USD 1.2 billion) with bid pipeline maintained at approximately USD 5.2 billion (31 December 2014: USD 5.2 billion)
· Continued world class safety record with a total recordable incident rate of 0.27
· Project Evolution, a programme to deliver material productivity improvements and cost efficiencies, is progressing well with cutting machines, dedicated utilities pipelines and a panel line already installed and operational

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Investec Buy 131.50 165.00 165.00 Retains

JP Morgan Cazenove Overweight 131.50 156.00 156.00 Reiterates

Nomura Buy 131.50 200.00 200.00 Reiterates

Questor share tip: Avoid Oil services until prices fully recover
By John Ficenec, Questor Editor - 3:32PM BST 10 Oct 2015

A short lived oil rally is no reason to buy bombed out oil services stocks on the cheap, says Questor

Oil services
Questor says AVOID
IT IS 40 years since the first North Sea oil reached the shores of Scotland. Since then the UK oil services and engineering industry has flourished creating thousands of jobs and steady returns for investors. Shares across the sector have soared during the past two weeks as the oil price staged a recovery, but we would be wary of joining the party as many challenges remain.

Oil price slump
When oil was above $100 per barrel at the start of last year, the oil majors were spending billions on the exploration and development of existing oil fields.

Technological advancements also unlocked shale deposits in the US, creating a whole new boom of drilling and spending.
Fast forward 18 months and the oil services sector is facing a nuclear winter. Spending plans by the oil majors have been slashed and, with the oil price having plunged to about $50 per barrel, US shale is being pushed to the brink.

Lumpy revenues
The worst may still be ahead for the sector because revenue streams are dependent on other firms spending.
Projects to build oil rigs or maintain existing facilities can be delayed or cancelled when the oil price falls. A reduced budget on a project can greatly impact profits. As a result, the rate at which cash comes into an oil services businesses can be very lumpy and the full impact from falling oil prices could still lie in the future.

Buying the rally?
Analysts at broker Investec feel that industrial valve and pump maker Weir is facing tough times ahead.
Weir was downgraded to a sell with a price target of £11.20 as it grapples with a slowdown in both the oil and gas, and mining industries.
Weir Services replace runner in Peace Canyon hydro power plant in British Columbia, Canada

The Weir Group is no longer a FTSE 100 company
In the last five years, engineers Wood Group and Amec Foster Wheeler both completed big deals that increased exposure to US shale gas. Amec paid £1.9bn for Foster Wheeler last year and Wood Group bought PSN in 2010.
We downgraded Amec to a sell (972½p, March 24) and although the shares may look attractive trading on 10 times forecast earnings, that recommendation remains. Wood Group has been on a tear, gaining 20pc last week. However, the shares, trading on 12 times forecast earnings, are at risk, and we wouldn’t be looking to take part in this rally.

The smaller players Petrofac and Lamprell have both joined in the rally with their shares rising sharply. However, according to investment bank Goldman Sachs little has changed in the fundamental outlook for the oil market, with weak demand and oversupply pushing down prices.

Patience is key
Investors should base any decision on results rather than hope, and would be advised to wait for audited full-year numbers. Only then can a sensible investment decision be made, as this relief rally may prove short lived.

the following adds fuel to the fire of concern across the world .......

firstly, BP foresees depressed crude prices into 2017

now read the following ....
http://www.offshoreenergytoday.com/fred-olsen-breaks-off-bollsta-dolphin-construction-contract/
i am glad i no longer hold LAM

StockMarketWire.com
Lamprell, a leading provider of fabrication, engineering and contracting services to the energy industry, has reported that it continues to deliver strong operational performance across all of its facilities.

It says all current projects are progressing well and Lamprell's yards are seeing high levels of activity. In the last few weeks the company completed the load out of the first pipe racks for the UZ750 project, which will be installed in Abu Dhabi, with other phased deliveries to be made in the coming months.

It has announced that it remains on track to deliver 2015 results in line with previous guidance.

James Moffat, chief executive officer, Lamprell, said: "While Lamprell isn't immune to on-going headwinds in the oil & gas markets, we are pleased to see that our early implementation of the efficiency measures under Project Evolution has positioned the Group to be competitive, which will be key for our future success.

"These actions have allowed us to retain and even build our project workforce, improve our efficiency levels to maintain operational performance, and remain commercially competitive in an environment of increased pricing pressure. From this position of relative strength, we remain positive about Lamprell's longer term prospects as the pipeline is strong with a firm focus on conversion."

JP Morgan Cazenove today reaffirms its overweight investment rating on Lamprell PLC (LON:LAM) and cut its price target to 131p (from 156p).

typical analysts ...... raise to o'weight but cut target price by 16%!

StockMarketWire.com
Lamprell subsidiary Lamprell Energy Limited has signed a memorandum of understanding with Saudi Aramco (the national oil company of Saudi Arabia), the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime complex in Saudi Arabia. The intended complex will provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels. The MOU, which was signed yesterday, covers joint participation and due diligence on all activities and work streams required to make a Final Investment Decision by all participating parties.