Lamprell Expects 2013 Performance Ahead Of Expectations

LONDON (Alliance News) - Lamprell PLC Thursday said it expects performance for the full year 2013 to be ahead of previous expectations due to continuing improvements in project execution over the last few months.

The diversified engineering and contracting services provider said it has made significant improvements in its project execution throughout 2013, with all projects progressing on budget and expected to achieve strong deliveries.

The company said its order book on December 31 was valued lower than at the same date the previous year, at USD900 million from USD1.2 billion, due to delays in project awards. But it said its bid pipeline increased to USD4.7 billion from USD4.0 billion.

The company said its primary objective at the moment is the construction of eight new build jackup rigs, a major rig conversion project, and improvements at its Jebel Ali yard in the United Arab Emirates.

In November, the company said it expects full-year performance in line with expectations and noted high demand for its core services and a strong pipeline of future opportunities.

Lamprell shares were up 10% to 154.94 pence Thursday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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