Lamprell first half profit jumps 32%
Posted:06 October 2008
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UAE-based engineering and construction provider Lamprell has reported a 32% increase in net profit to $47.8 million for the first half of 2008, an increase from $36.2 million in 2007.
The company also reported an increase in revenue from $246.1 million in 2007 to $318.2 million, up by 29.3%.
Peter Whitbread, Chief Executive Officer of Lamprell said, “The first six months of 2008 has been another successful period for Lamprell during which we have continued to deliver significant growth in turnover and secure a number of key contracts.”
“We continue to focus on ways of improving our services to customers and we are progressing well with our operational expansion into Engineering, Procurement and Construction contracts (EPC), with new build liftboats, jackups and tender assist drilling unit construction.”
The company’s order book stood at $818 million as of August, compared to $890 million in June last year as it continues to expand its offering whilst enhancing its reputation as a new build fabricator of choice.
Lamprell booked key contracts in newbuild rig developments such as LeTourneau Drilling Systems $21 million contract award for mid-2009 delivery, which the company is demonstrating its reputation for technical capability and delivery in the newbuild land rig market.
It has also booked upgrades and refurbishment contracts from Riginvest GP for self-elevating Mobile Offshore Drilling Platform, lump-sum turnkey construction contract with BassDrill Limited for two self erecting tender assist drilling units, and the fabrication of an FPSO topside module for Saipem S.p.A. amounting to $28.7 million.
“Our order book remains high and our pipeline strong, giving us confidence that Lamprell will continue to deliver in the second half of 2008 and beyond.”
The company is also expecting to deliver revenues by the end of 2008 from a new rig upgrade facility in Thailand.
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