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.


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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.

JP Morgan Cazenove today reaffirms its neutral investment rating on Lamprell PLC (LON:LAM) and cut its price target to 77p (from 78p).

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Lamprell said Thursday performance was in-line with revenue guidance on the back of a strengthened order book.

The backlog increased from $61.7m at the end of the first half 2018 to around $540m as at 31 December 2018 and the bid pipeline grew to approximately $6.4bn from $4.1bn last year.

Against the ongoing, difficult energy industry backdrop, the group said it was 'pleased' to end the year with two contract wins: USD200m+ contract award from GeoSea Procurement & Shipping and a Letter of Intent from IMI.

The company said it anticipated the first opportunities from the Saudi Aramco's LTA programme to materialise in 2019.

Revenues for 2018 are expected to be consistent with previous guidance at around $235m, the company added.

'We finished the year with a major renewables project added to our order book and two new build jackup rigs committed for construction at Lamprell's yards in the UAE, Christopher McDonald, Chief Executive Officer.'

'The quality and size of our bid pipeline is improving and we look forward to adding further significant projects as part of Saudi Aramco's LTA programme during the course of the year. Given the ongoing uncertainty in the industry, this reconfirms our confidence that Lamprell's strategy will deliver growth for the business from 2019 onwards.'