(Adds details, share price)
LONDON, June 30 Oil rig maker Lamprell
upgraded its full-year earnings forecast on Monday after
delivering four major projects in the first half of 2014 ahead
The group, which raised about $120 million in May to boost
its productivity after returning to profit last year, said it
had enjoyed a strong operational and financial performance since
the start of 2014 with the delivery of four major projects in
the first six months.
The projects all came in ahead of budgeted margins, while an
improvement in productivity resulted in further savings. Shares
in the group were up 3 percent in early trading.
"The company now expects earnings for the year as a whole to
be ahead of expectations although this will be heavily weighted
towards the first half of the year," it said.
"Our bid pipeline remains strong and we remain focused on
the conversion of our pipeline of opportunities into further
Lamprell had said in March it expected revenue to fall
slightly over the next two years as it focused on winning new
orders after a disastrous 2012 riddled by profit warnings and
senior staff changes.
Analysts had been expecting 2014 core earnings of around $84
million, according to a Reuters poll.
(Reporting by Kate Holton; Editing by Karolin Schaps)