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Oil rig maker Lamprell in talks with lenders

Thu, 31st Jan 2013 10:47

Lamprell said Thursday it was making progress in talks with lenders to fund future growth of the oil rig maker.The company is continuing the discussions to finance operations as it is likely to post a 2012 loss in line with expectations, according to a trading update.The update comes after Lamprell announced its working capital position had improved significantly, ending 2012 with net cash of about $100m thanks to higher revenues. Lamprell issued its fifth profit warning for 2012 in November, saying its full-year loss would be seven times bigger than first thought.However, the group remained optimistic as trading stability returned and projects were on track including its Windcarrier 2 vessel which is due to be delivered in February.They also recently completed the construction of jackup rig, Greatdrill Chaaya, and delivered it to Greatship Global Energy Services.Lamprell scored number of contracts for rig refurbishment projects, including the repair and upgrade of jackup rig, Rowan California, for Rowan Drilling."We continue to see stability returning to the business and to our operations, as we start to deliver on existing key projects and steps that we have taken to re-establish financial and operational control over the business become effective," John Kennedy, Non-Executive Chairman, Lamprell, said."The group has started the year well, with notable positive progress made regarding some major projects and in the cashflow situation, and this allows us to look forward with renewed confidence."Shares were up 4.90% to 128.50p at 11:05 Thursday.
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2 Aug 2019 10:52

Lamprell Takes USD50 Million Off Top End Of Guidance Over Delays

(Alliance News) - Lamprell PLC narrowed its revenue guidance on Friday due to delays, slashing the top end of guidance by USD50 million and said financial performance is not expected to in were at

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26 Mar 2019 13:42

DIRECTOR DEALINGS: Lamprell Operations Boss El Kurd Buys Stock

LONDON (Alliance News) - Energy industry constructor Lamprell PLC on Tuesday said Chief Operating Officer Hani El Kurd on Monday bought shares worth GBP53,000.El Kurd purchased 100,000 at a

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21 Mar 2019 10:52

Lamprell narrows loss as it seeks to return to growth

(Sharecast News) - Oil rig construction company Lamprell reported a net loss of $70.7m in its results for the year ended 31 December on Thursday, as a result of lower revenues and a loss from the East Anglia One project.

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21 Mar 2019 09:34

Weak Oil & Gas Activity Continues To Depress Lamprell's Performance

LONDON (Alliance News) - Lamprell PLC on Thursday reported a sharp drop in annual revenue, though it has a "significantly improved" backlog of work.Revenue for 2018 was USD234.1 a

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14 Mar 2019 16:04

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1 Feb 2019 13:19

Friday broker round-up

(Sharecast News) - Stock Spirits: JP Morgan downgrades to neutral with a target price of 230p.

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17 Jan 2019 11:27

Lamprell Expects 2018 Loss To Narrow Despite Sharply Lower Revenue

LONDON (Alliance News) - Lamprell PLC on Thursday expressed confidence in delivering growth in 2019 as its loss narrowed, despite a significant fall in revenue.The oil rig construction said

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27 Dec 2018 10:32

Lamprell secures new Saudi contract

(Sharecast News) - Lamprell said on Thursday that International Maritime Industries Company (IMI), the Saudi maritime joint venture in which it is a partner, intends to award the London-listed oil rig maker a contract for the construction and delivery of two jack-up drilling units.

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27 Dec 2018 10:32

Lamprell secures new Saudi contract

(Sharecast News) - Lamprell said on Thursday that International Maritime Industries Company (IMI), the Saudi maritime joint venture in which it is a partner, intends to award the London-listed oil rig maker a contract for the construction and delivery of two jack-up drilling units.

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26 Nov 2018 15:39

Lamprell wins contract with Saudi Aramco

(Sharecast News) - Oil rig construction company Lamprell was on the front foot on Monday after saying it has been awarded a contract with Saudi Arabia's Aramco.

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26 Nov 2018 09:27

Lamprell To Provide Services For Saudi Aramco Offshore Facilities

LONDON (Alliance News) - Oil rig construction group Lamprell PLC said on Monday it has been selected as a contractor for oil giant Saudi Aramco's long-term agreement for offshore facilities is

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21 Sep 2018 12:12

Friday broker round-up

(Sharecast News) - Paragon Banking Group: RBC Capital Markets downgrades to sector performer with a target price of 500p.

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20 Sep 2018 10:45

Lamprell Swings To Interim Loss As Costs Rise, Revenue Falls

LONDON (Alliance News) - Lamprell PLC said Thursday it swung to an interim loss on higher cost of sales and drop in revenue, as it expects to return to revenue growth in 2019.For the six a

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13 Sep 2018 16:04

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27 Jul 2018 11:44

Cabot Energy Appoints Former BP Executive As Interim Chairman

LONDON (Alliance News) - Cabot Energy PLC said Friday it appointed James Dewar as interim independent chairman with immediate effect.Dewar used to be BP PLC divisional chief financial and a

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