Lamprell Says 2013 to be Ahead of Expectations

Reuters

LONDON, Jan 16 (Reuters) – Dubai-based oil rig maker Lamprell said on Thursday it expected its 2013 performance to be ahead of previous expectations due to improvements in project execution.

A Thomson Reuters I/B/E/S poll of analysts previously forecast full-year pretax profit for Lamprell of $16.4 million on revenue of $1.1 billion.

Lamprell posted a $105 million loss for 2012 in what it described as the most challenging year in its history, as it expanded into riskier areas, such as wind turbine vessels, where operational difficulties led to a series of profit warnings.

But the company returned to profit this year and the group's order book finished 2013 at $0.9 billion with a bidding pipeline of $4.7 billion.

Copyright 2017 Thomson Reuters. Click for Restrictions.

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