Oil rig services group Lamprell said that the positive trends seen last year have continued into 2011 and its year-to-date performance has been in line with management expectations.
The firm noted that its strong performance in 2010 was driven by elevated oil prices and a turnaround in the new build jackup market which was triggered by the "post-Macondo effect".
"We continue to see evidence of improvements in our operating markets and our bid activity remains at a historically high level. We are experiencing renewed activity in the rig refurbishment and upgrade market, representing a strong improvement from the lower levels of expenditure experienced in the second half of 2010," said chairman Jonathan Silver.
Lamprell's order book (which extends to 2013) was around $933m at the end of April, primarily attributable to the $807m of orders from Engineering, Procurement and Construction projects.
Furthermore, the group believes that its recent $336.1m (£208.1m) offer for United Arab Emirates-based firm Maritime Industrial Services represents a significant step for the group and will "rapidly create value for [its] shareholders".
Aberdeen Asset Management was a high riser in London on Monday, providing a lift to the financial sectors as investors celebrated the company's annual results and acquisition of Scottish Widows Investment Partnership (SWIP). [18 Nov '13]
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