Exceptional year
Posted: 18 June 2007
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Lamprell, the UAE-based, London-listed oil and gas service company, has announced 2006 full year revenues of $330 million – up 56% over the previous year. In addition, net profits rose to $33.8 million – a 13.5% increase.
 “This improvement is the result of sustained growth in all of the primary areas of our business activities; jack-up and land rig upgrade and refurbishment; new build offshore structures and process production modules,” chairman and CEO Peter Whitbread told the company’s agm in Jebel Ali, Dubai.
It also comes after one-off exceptional charges of $23.1 million from the company’s IPO process and share gifts to senior management from the principal shareholder.
Whitbread added in a statement: “We have increased the scope and size of our new build construction activities and in 2006 we undertook the refurbishment of 26 offshore jack-up rigs and our first upgrade of a semi-submersible drilling rig.
“We have also witnessed a significant growth in our land based drilling rig activity with a total of 10 land rigs having been refurbished during the same year compared to four land rigs that were refurbished during 2005.” |
