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.

you seem to have missed the following ......

Oil rig builder Lamprell Plc cut its full-year forecast and said it did not expect revenue growth from potential contract awards until 2019 as lower activity levels continued to plague the industry.

Lamprell shares fell more than 23 percent to their lowest in nearly a year. The stock recovered partially and was down 11.6 percent at 0830 GMT.

Like its peers, Lamprell has been cutting costs as oil explorers have slashed spending and cancelled contracts to counter weak oil prices. The company is also expanding into renewable energy business to bolster its portfolio.

Any potential improvement in market conditions will not boost its business in 2018 due to a lag between better market conditions and project awards, said Lamprell, which earlier forecast a recovery in 2018.

The company now expects 2017 revenue of $370 million to $390 million, as it sees continuing low levels of walk-in work. Lamprell had forecast full-year revenue in the lower half of the $400 million-$500 million range in March. ...

The United Arab Emirates-based company expects 2018 revenue to be 10 percent lower

Thanks for the extra.
I only posted the summary produced by Stockmarketwire. I probably should have read the original RNS from LAM.
Fortunately I don't hold this stock, so the original post was just research.

The Oil Man: Lamprell - Profit warning today, jam tomorrow - Malcolm Graham-Wood

Lamprell
Interims from Lamprell (LAM) this morning were a true curate's egg, very mixed with the word challenging being used all over the place and downgrades to guidance for the second half of 2017 due to a low level of walk in work, and for 2018.

The market is indeed "challenging", not just for the rest of this year but for next year as well.

The good news comes in varying places, the first half of 2017 was good with rig deliveries securing cash in and margins up to 13% which is very good indeed.

With only two major projects to deliver between now and the end of next year, rations are becoming shorter, even though in the longer term there is plenty of good news to come.

In the jam tomorrow department the foundation is the balance sheet which is very strong and has net cash of $305.9 million (£225.6 million) on board, even old Lamps couldn't spend that in a hurry.

The next piece of good news appears to be in the bid pipeline which is now up at $3.1 billion having been $2.5 billion in December.

This is where the jam comes in, any contracts coming from this pipeline will not likely materialise until 2019 in terms of money in.

Another piece of good news is around the big JV, which is signed and all the details are being worked out; again 2019 at the very earliest for the early stage of the Saudi yard, although the pre-qualifying process with Saudi Aramco is under way.

Overall the longer-term outlook for Lamprell is very favourable indeed. Cashed up and with wealthy partners in the JV and a lean operation at home ready to challenge in a mix of markets, any reasonable conversion of that bid pipeline will result in lots of work - in 2019 and onwards though.

Shorter-term investors have sold today and may be able to finesse their return but should remember to buy back in as, all being well, there really is a decent prospect of jam tomorrow.

despite its well publicised problems, i'ld rather hold PFC than LAM
have you ever dealt with saudi or aramco?
both are more fickle than the most skittish of fillies, and as noted above "2019 at the very earliest for the early stage of the Saudi yard"

StockMarketWire.com
Lamprell expects to book a significant loss on the East Anglia One offshore windfarm project this year and warned that full year earnings would be materially below forecasts.

Lamprell remains confident of meeting its client's expectations in terms of schedule and quality but said it would incur extra costs to achieve this.

Lamprell previously announced that there were start-up costs and inefficiencies in relation to the project and the learning curve had proven to be steeper than anticipated.

An update said: 'We are working with our client and supply chain to mitigate the additional costs.

'As the Company continues to work through the variable factors that will ultimately affect the costs on this project, the Company will be in a position to make an announcement with respect to the financial impact in due course.

'While we expect revenue for FY2017 to be in line with current guidance, we now expect earnings and EBITDA to be materially below current market expectations.

'The company continues to maintain a strong balance sheet and its robust cash position provides confidence in its future.

'We remain of the view that the renewables market presents significant potential for the growth of the Group and we are convinced that the lessons learned from this first project in the sector have strengthened our capabilities.

'This will help to position us competitively for future project awards.'

I've got a soft spot for LAM as I made a decent return on it a couple of years ago but in retrospect I was probably lucky.

It seems the management have an ability to find problem contracts and it's always jam tomorrow, although sometimes the jam does actually arrive.

I need to run the numbers on this one again but for the moment I'll pass - I've got enough risk in my portfolio right now. I'm sure there's money to made here at some point...

Numis today reaffirms its buy investment rating on Lamprell PLC (LON:LAM) and cut its price target to 99p (from 119p).

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

StockMarketWire.com
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.'