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Lamprell PLC (LAM.L)

LAM.L on London Stock Exchange

77.75GBp
3:37am EDT
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Latest Key Developments (Source: Significant Developments)

Lamprell posts H1 revenue of $159.2 mln
Friday, 22 Sep 2017 02:00am EDT 

Sept 22 (Reuters) - LAMPRELL PLC ::H1 NET PROFIT FROM CONTINUING OPERATIONS 1.1 MILLION USD VERSUS -4.4 MILLION USD LOSS YEAR AGO.H1 REVENUE OF $159.2 MILLION VERSUS $451.3 MILLION YEAR AGO.AS AT 30 JUNE 2017, BACKLOG OF USD 300 MILLION (31 DECEMBER 2016: USD 393 MILLION).H1 EBITDA OF $13.5 MILLION VERSUS $10.0 MILLION YEAR AGO.FY 2018 OUTLOOK REMAINS CHALLENGING WITH REVENUE CURRENTLY EXPECTED TO BE AROUND 10% LOWER THAN FY2017 LEVELS, CONTINGENT ON TIMING OF POTENTIAL CONTRACT AWARDS.REVENUE FOR FY2 017 EXPECTED TO BE IN RANGE OF USD 370-390 MILLION, MARGINALLY BELOW PREVIOUS GUIDANCE ON CONTINUING LOW LEVELS OF WALK-IN WORK REFLECTING MARKET CONDITIONS.CONTINUE TO EXPECT 2017 TO BE A DIFFICULT YEAR.H1 BID PIPELINE INCREASED TO USD 3.1 BILLION (31 DECEMBER 2016: USD 2.5 BILLION).TOP-LINE PERFORMANCE WILL REMAIN SUBDUED AS A RESULT OF SLOW PACE OF NEW MAJOR CONTRACT AWARDS THAT WE HAVE SEEN OVER PAST 24 MONTHS.DO NOT EXPECT TO SEE REVENUE GROWTH FROM POTENTIAL CONTRACT AWARDS UNTIL 2019.SLOW PACE OF CONTRACT AWARDS (FOR WALK-IN WORK IN PARTICULAR) HAS RESULTED IN OUR ADJUSTING REVENUE GUIDANCE FOR FULL YEAR TO USD 370-390 MILLION.  Full Article

Lamprell settles jacking equipment issues with Cameron International
Tuesday, 15 Aug 2017 02:20am EDT 

Aug 15 (Reuters) - Lamprell Plc ::LAMPRELL ‍TALKS LED TO SCHLUMBERGER AWARDING TO LAMPRELL CONTRACT. THESE ARE BEING CONSTRUCTED IN LAMPRELL'S EXISTING FACILITIES IN UAE​.LAMPRELL - ‍REACHED AMICABLE SETTLEMENT WITH CAMERON INTERNATIONAL, SCHLUMBERGER UNIT OVER ISSUES ASSOCIATED WITH JACKING EQUIPMENT SUPPLIED BY CAMERON IN 2016​.‍SETTLEMENT RESULTS IN LAMPRELL RECEIVING A PROPORTION OF REMEDIAL COSTS INCURRED IN RECTIFYING ISSUES ASSOCIATED WITH JACKING EQUIPMENT​.‍AFTER TAKING ACCOUNT OF OUTSTANDING PAYMENT, LAMPELL ANTICIPATES ITS CURRENT NET CASH POSITION WILL BE LARGELY UNCHANGED​.LAMPRELL - ‍HAS HELD CONSTRUCTIVE DISCUSSIONS WITH SCHLUMBERGER, WITH REGARDS TO SCHLUMBERGER'S LAND RIG FLEET REQUIREMENTS​.‍TALKS LED TO SCHLUMBERGER AWARDING TO LAMPRELL CONTRACT. THESE ARE BEING CONSTRUCTED IN LAMPRELL'S EXISTING FACILITIES IN UAE​.  Full Article

Lamprell says John Kennedy to resume his role as non-executive chairman
Monday, 24 Apr 2017 02:00am EDT 

April 24 (Reuters) - Lamprell Plc ::John Kennedy has decided to stand down from his position as executive chairman, to resume his role as non-executive chairman with immediate effect.Kennedy continues in his previous role as non-executive chairman and director of company until he retires fully from board on Sept 20.  Full Article

Lamprell plc posts FY revenue of $705 mln
Friday, 24 Mar 2017 03:00am EDT 

Lamprell Plc : 2016 revenue of $705 million versus $871.1 million in 2015 . Says working to bring Saudi maritime complex opportunity to a successful conclusion . Says directors do not recommend payment of a dividend for 2016 . Group has restructured its overhead to remain competitive in lower price environment; tight cost control measures to be high priority in 2017 . Administrative reductions (20%) and other overhead cuts expected to deliver full benefit of usd 23.4 million of annualised savings in 2017 . Further jackup rig delivered to ndc post-period and remaining two will be delivered in 1h2017, with both projects progressing as planned . FY 2017 currently expected to be in lower half of USD 400-500 million range in absence of large project deliveries in H2 2017 . Says two new major projects scheduled to ramp up in Q2 2017 . Says 2018 is expected to start seeing a pick-up in market activity . Says technical issues with Cameron jacking equipment successfully resolved; settlement discussions with Cameron ongoing .Says backlog of $393 million at year-end, of which 76 percent is attributable to 2017.  Full Article

Lamprell says gets $225 mln contract from ScottishPower Renewables
Friday, 25 Nov 2016 02:00am EST 

Lamprell Plc : Received a new contract award from ScottishPower Renewables for fabrication of multiple jackets and piles for East Anglia One offshore wind farm . Contract is valued at approximately $225 mln .Fabrication work in Lamprell's Jebel Ali and Sharjah yards in UAE is scheduled to start in March 2017, with deliveries to be made between March and Oct 2018.  Full Article

Lamprell says new CEO takes up his role
Monday, 3 Oct 2016 02:00am EDT 

Lamprell Plc : Christopher McDonald has now taken up his role as chief executive officer (CEO) for group and as an executive director on board . Moffat will continue to support McDonald full time until mid-November when he will take up his part-time consultancy role . John Kennedy will continue in role of executive chairman until such time as transition to new CEO has been completed .James Moffat, who has been in role of CEO since March 2013, has stepped down.  Full Article

Lamprell wins $90 mln contract from Master Marine subsidiary
Monday, 26 Sep 2016 02:00am EDT 

Lamprell Plc : Contract award . Works are scheduled to complete in Q2 2018. Master marine is a new client for group. This contract is valued at approximately us$ 90 million . Has received a new contract award from Jacktel AS, a wholly owned subsidiary of Master Marine AS . Contract for upgrade of mobile operating unit "Haven" as an accommodation service vessel for Statoil "Johan Sverdrup" field, offshore Norway .Scope of works includes procurement, construction and installation of extended legs and new suction caissons.  Full Article

Lamprell says FY 2016 revenue to be slightly below current market expectations
Thursday, 22 Sep 2016 02:00am EDT 

Lamprell Plc : H1 revenue at $451.3 million . H1 Ebitda at $10.0 million versus $31.8 million . As at 30 June 2016, backlog of $297.1 million (31 December 2015: $739.7 million) . Bid pipeline at about $3.9 billion (31 december 2015: $5.4 billion) . Revenue for fy 2016 expected to be slightly below current market expectations . Revenue for fy 2017 expected to be in range of $400-500 million depending on outcome of a number of submitted bids awaiting award .Challenging environment impacting industry through project delays and cancellations expected to continue through 2017.  Full Article

Lamprell says units signs agreement regarding establishing Maritime Yard
Wednesday, 1 Jun 2016 02:00am EDT 

Lamprell Plc : Joint Development Agreement(JDA) in connection with potential partnership collaboration for establishing a maritime yard, at Ras Al Khair in Eastern Saudi Arabia .Maritime offshore limited, its subsidiary, has signed a JDA with Saudi Arabian oil company ,National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries.  Full Article

UPDATE 2-Lamprell cuts FY forecast, sees muted revenue growth

Sept 22 Oil rig builder Lamprell Plc cut its full-year forecast and said it did not expect revenue growth from potential contract awards until 2019 as lower activity levels continued to plague the industry.