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UAE-based Lamprell has unveiled better than expected results for the first half of this year. Profits were up from US$ 19.2 million in the first six months of 2013, to US$ 53.4 million, while revenues were US$ 125.7 million more than in the equivalent months of the previous year.
Highlights of the first half year included the delivery of two jack up rigs to National Drilling Company, a 13,200 tonne production deck to Nexen for use in the North Sea and a new self-propelled jack up vessel to Seajacks. The company also completed the largest and one of the most complex, rig conversion and refurbishment projects in its history, which has recently been delivered back to the client.
Lamprell’s order book is strong, with five new build jack up drilling rigs to be delivered between November 2014 and March 2015. James Moffat, Lamprell chief executive, said: “We are delighted to have rebuilt our order book, winning significant awards from both new and existing customers. We are making good progress implementing our refreshed growth strategy based on our core markets and are already beginning to see the benefits of a stronger balance sheet.“
The company says it expects that revenues in the second half of 2014 will be lower that over the first six months. Nonetheless the full year results will still be ahead of expectations it claims.
