7 Jun 2012 16:35
7 June 2012
LAMPRELL PLC
("Lamprell" or the "Group")
TRADING UPDATE
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas and renewables industry, makes the following announcement:
Further to the Company's recent Trading Update, the Company has been undertaking further analysis and has revised its previous forecast. As a consequence, the anticipated loss at the half year will be in the range of US$ 15 million to US$ 20 million. We still anticipate full year revenue for 2012 to be approximately US$ 1,100 million but with a revised net profit margin of approximately 2.5%.
Deliveries of equipment for the jackup drilling rigs that the Company is constructing are currently being received in accordance with the revised delivery schedules.
The development and strengthening of the Group's management team continues with the recent arrival of three senior Operations and Engineering executives. The Company's cost reduction programme also continues.
An external evaluation of the Company's Enterprise Resource Planning system is being commissioned.
The Seajacks Zaratan was delivered on 24 May 2012 and US$ 75 million of the MIS acquisition facility was subsequently repaid, leaving net debt, as at 6 June 2012, of US$ 91 million.
- Ends-
Enquiries:
Lamprell plc | |
Nigel McCue, CEO | +44 (0)20 7920 2330 |
Jonathan Cooper, CFO | |
M:Communications, London | |
Patrick d'Ancona | +44 (0) 207 920 2347 |
Andrew Benbow | +44 (0) 207 920 2344 |
Notes to editors
Lamprell, based in the United Arab Emirates ("UAE"), and with operations throughout the region, has played a prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years and is the regional market leader in the rig market. Lamprell is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries.
Lamprell employs over 14,000 people across six facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a JV agreement) and Kuwait. Combined, the Group's facilities provide a total area of over 925,000 m² with 2.2 km of quayside.
Oil & Gas
·; New Build Jackup Drilling Rigs
·; New Build Offshore
·; Rig Refurbishment
·; Engineering & Construction
·; Land Rig Services
Renewable Energy
·; Wind Farm Installation Vessels
·; Transformer Stations (AC & DC)
·; Wind turbine Foundations
Services
·; Engineering Services
·; INSPEC (NDT, Mechanical & Calibration services)
·; Sunbelt H2S Safety Services
Operations & Maintenance
www.lamprell.com