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Lamprell Group (LAM)     

Andy - 19 Feb 2008 16:22


Chart.aspx?Provider=EODIntra&Code=LAM&Si

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.

skinny - 08 Nov 2013 07:07 - 501 of 709

Delivery of Caspian Sea rig

DELIVERY OF CASPIAN SEA JACKUP RIG


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 it has successfully completed and delivered the first of two Caspian Sea jackup rigs to the client, marking another significant milestone for the Group. The rig has now been delivered to the client and was recently towed out from the Astrakhan re-assembly yard to commence operations on its first contract elsewhere in the Caspian Sea.

The Group is making good progress in relation to the on-going second Caspian Sea project, which is already well under way and is expected to be delivered in Q4 2014. The first two module shipments have already been transferred from the Group's facility in Hamriyah to the Astrakhan yard as planned and on time.



James Moffat, Chief Executive Officer, Lamprell, said:

"We are pleased to have completed construction on the first of two jackup rigs for use in the Caspian Sea region and to have delivered it to our client meeting our usual high build quality. The project has been highly complex as a result of the new approach for delivery, with modular fabrication, assembly and disassembly being undertaken in the Group's Hamriyah facility, transfer to the Caspian Sea region and then re-assembly in a yard in Astrakhan. The successful delivery has only been possible as a result of the dedication and the close collaboration of Lamprell and the client teams."


- Ends -

skinny - 14 Nov 2013 07:01 - 502 of 709

Interim Management Statement

Summary and outlook

The Group has continued to make good progress and performance for the year ending 31 December 2013 remains in line with our expectations.

Operational update

The Group has performed well during the period and our portfolio of projects is progressing well. We have continued to build on our existing strong track record in safety at our facilities in the Hamriyah, Sharjah and Jebel Ali facilities. The Group has also introduced a number of initiatives in order to improve efficiency and to maintain a tight control of costs.

Further, Lamprell has successfully completed several of its key projects. We delivered the first Caspian Sea jackup rig to the client during the period, marking another significant milestone for the Group. The Group has also delivered the final set of modules to the client for use in the North Sea sector. These modules were completed on schedule and to a high specification.

We also completed and delivered the "Jindal Star" jackup rig, a LeTourneau Super 116E (Enhanced) with a self-elevating design, to the Jindal group for use in the offshore India sector. The project was completed without any lost time incidents and represents the 13th new build jackup rig that Lamprell has delivered.

In August we were awarded a new contract by Greatships for the construction of a Super 116E jackup rig. This is the second such rig for Greatships. The first was delivered in January 2013.

In September we were awarded a major rig conversion and refurbishment contract by Millennium Offshore Services group (MOS). The contract relates to the conversion of the "MOS Frontier," a three-legged Type MLT116C jackup rig.

Financial position

Our net cash position at 30 June 2013 was US$151m. As expected, the net cash position will trend downwards towards the year-end in line with the normal project cycle.

Board

On 1 October Joanne Curin took up her role as Chief Financial Officer for the Group and as an executive director. As announced previously, Frank Nelson has now retired.

Outlook

We continue to see high demand for our core services with a strong pipeline of opportunities. The Group's order book at the end of October was valued at US$ 1.0 billion (30 June 2013: US$1.1 billion), predominantly comprising the on-going construction of eight new build jackup rigs, with the bid pipeline remaining at a high level of approximately US$ 4.6 billion (30 June 2012: US$ 4.6 billion). Our outlook for the year ending 31 December 2013 remains in line with our expectations.


Jim Moffat, Chief Executive of Lamprell, commented:

"We are pleased with the progress that Group has made since the half year. Our project execution has been solid and we have again proven our ability to deliver projects to a high build quality and with a strong safety record. Looking forward into 2014, the Group will be delivering a number of major projects and will be focussed on managing these projects actively to achieve timely deliveries. In the meantime, we have won important new orders in our chosen markets and will continue to prioritise the conversion of our substantial pipeline into new orders."

- Ends -

Conference call:

A conference call for analysts and investors will take place at 8.00am this morning. The conference call can be accessed by dialling +44 203 059 8133 and pin code 1258097#. A replay of this call can be heard by dialling +44 20 3426 2807 and pin code 643701# later in the day, for a period of 30 days.

HARRYCAT - 14 Nov 2013 08:14 - 503 of 709

.

halifax - 14 Nov 2013 17:02 - 504 of 709

sp 151p IMS not viewed positively by the market down 5%.

skinny - 15 Nov 2013 08:33 - 505 of 709

JP Morgan Cazenove Overweight 152.75 151.50 175.00 175.00 Reiterates

black bird - 18 Nov 2013 09:00 - 506 of 709

follow the money prudential up stake 19-9-13 schroders to

ontheturn - 04 Dec 2013 16:40 - 507 of 709

I di not up my stake cos I had none
but I got some late on the day, had in mind to do it last week around 145p so I done it today, just about one 1p more

All the TA looks positive at this stage mainly the MACD

Chart.aspx?Provider=EODIntra&Code=LAM&SiChart.aspx?Provider=Intra&Code=LAM&Size=

ontheturn - 09 Dec 2013 14:37 - 508 of 709

Trying to move forward today after going sideways for the last couple days

skinny - 13 Dec 2013 16:53 - 509 of 709

Looks like a doji with volume on the chart.

p.php?pid=legacydaily&epic=L^LAM&type=4&

halifax - 10 Jan 2014 13:25 - 510 of 709

IMS must be due soon?

skinny - 10 Jan 2014 13:35 - 511 of 709

Nothing on their Calendar until May atm.

skinny - 16 Jan 2014 07:11 - 512 of 709

Trading Statement

Summary and outlook

In light of continued good progress made by the Group, the Company expects performance for the year ending 31 December 2013 to be ahead of our previous expectations. As we move into 2014, we remain focussed on the conversion of our pipeline of opportunities into contract wins and on delivering sustainable growth. While market conditions remain competitive and delays in project awards remain a feature of the industry at the present time, we are in active dialogue with a number of prospective clients for new orders and the level of our tendering remains positive.

As of 31 December 2013, the Group's order book was valued at US$0.9 billion (31 December 2012: US$1.2 billion) and the bid pipeline, reflecting the broad range of bids and prospects that are currently being pursued, at approximately US$4.7 billion (31 December 2012: US$ 4.0 billion).

Operational highlights

We have made significant improvements to our project execution throughout 2013 and this has continued during the last few months. All projects are progressing well, on budget, and are expected to achieve timely deliveries. The Group's primary activities at present relate to the construction of eight new build jackup rigs in our Hamriyah facility, the new major rig conversion project at our facility in Sharjah and the production, utilities and quarters deck project in our Jebel Ali yard.

Order intake during 2013 was lower than in previous years due to delays in project awards as stated above and the new management's focus on delivery of existing projects and re-positioning the business for a return to profitability. However, we secured major orders from our existing clients including repeat orders from the Jindal Group and the Greatship Group, the rig conversion of the MOS Frontier as well as a number of smaller contracts, notably in our land rig services business. The Group has a well-established and proven track record in these areas, all of which form part of the Group's core competencies, and we are in dialogue with a number of prospective clients for new orders.

Financial position

The Group's net cash position at the end of December 2013 was around US$180 million, significantly ahead of our expectations. This came as a result of a combination of hitting project milestones early and the timing of supplier payments. Consequently we are currently experiencing a stronger working capital position but we anticipate that this will unwind in the coming months and the net cash position will trend downwards towards the end of the first quarter of 2014 in line with the normal project cycles.


Jim Moffat, Chief Executive of Lamprell, commented:

"2013 has proven to be an important year for Lamprell with the business returning to profitability. We now anticipate that the outturn for the full year will be ahead of our previous expectations as a result of the continuing improvement in project execution in the last few months. We are focussed on our core strengths of a first class safety performance, high build quality, client satisfaction and our commitment to reliability. Against a competitive market backdrop we are playing to these strengths and are in dialogue with a number of prospective clients for new orders.

The business made great strides in 2013 and we need to build on this in 2014, developing our strategy to ensure that Lamprell is competitively positioned for sustainable growth over the long term. Our focus will continue to be strong execution, maximising efficiency and productivity and investing resources in those areas where we see growth opportunities for Lamprell."



- Ends -

cynic - 16 Jan 2014 07:16 - 513 of 709

perhaps LAM is worth looking at once more

skinny - 16 Jan 2014 08:18 - 514 of 709

Hopefully some broker murmurings later.

Chart.aspx?Provider=EODIntra&Code=LAM&Si

skinny - 17 Jan 2014 07:08 - 515 of 709

JP Morgan Cazenove Overweight 154.25 154.25 175.00 175.00 Reiterates

skinny - 22 Jan 2014 11:23 - 516 of 709

Investec Hold 157.38 157.50 145.00 155.00 Upgrades

skinny - 03 Mar 2014 07:09 - 517 of 709

DISPOSAL OF 'INSPEC' SERVICE BUSINESS

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, announces that it has completed the sale of one of its service businesses, International Inspection Services Ltd. ('INSPEC'), which is a UAE-based provider of non-destructive testing ('NDT') and associated services to the energy industry.

Lamprell has today completed the sale of INSPEC to Intertek Testing Services Holdings Limited for a total cash consideration of US$66.2 million. Lamprell will remain a significant customer of INSPEC and, as part of the sale agreement, the Group has also entered into a multi-year preferred supplier agreement with Intertek for the provision of services by INSPEC. This secures the supply of high quality NDT services for the Group for the medium term.

Established in 1993, INSPEC operates across the UAE and Oman, employing 720 staff, and delivered a positive performance during 2012 with a net profit of US$6.3 million (based on the 2012 audited accounts and excluding a provision for impairment of trade receivables of US$1.3 million). Audited gross assets for the INSPEC business as at 31 December 2012 totalled US$26.0 million.

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, of which INSPEC was one. 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 part of the proceeds from this disposal to pay down a substantial part of the high cost portion of our secured debt facility that was put in place last year. The remaining proceeds will be used to further develop our strategy to enable strong project execution and maximise efficiency and productivity opportunities within the Group.

panto - 06 Mar 2014 17:08 - 518 of 709

Took a few days after the disposal for the share price to appreciate, but today it did with larger volume than normal

skinny - 14 Mar 2014 07:51 - 519 of 709

NOTICE OF RESULTS

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, will announce its financial results for the period ended 31 December 2013 on Wednesday 26 March 2014.

- Ends -

panto - 17 Mar 2014 10:16 - 520 of 709

Bought some stock at 128.50p, could be the end of last week drop as the market looks ahead to the results on the 26th

Chart.aspx?Provider=Intra&Code=LAM&Size=
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