Lamprell Reports Strong Performance for 1H 2014

United Arab Emirates-based rig builder Lamprell reported Monday that it saw a strong operational and financial performance during the first half of 2014, with the delivery of four major projects.

Lamprell was also successful in converting its bid pipeline, with two rig orders from Ensco and Shelf Drilling as well as the recent contract award from Petrofac for modules to be deployed in Abu Dhabi.

The company said its operational performance is being driven by several factors, including the strong project execution during 1H 2014 that meant all four of its major projects were delivered ahead of budget. This was supported by some early savings from productivity improvements being implemented across Lamprell's business, which the firm said should deliver further benefits during the remainder of this year.

Lamprell also said that it had also seen an improved performance in its land rig services business.

Thanks to its strong performance Lamprell now expects its earnings for 2014 as a whole to be ahead of expectations, although it said that these earnings will be heavily weighted towards the first half of the year. The firm added that its bid pipeline remains strong.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)

Most Popular Articles

From the Career Center
Jobs that may interest you
Specialty Designer I- Denver, CO Job
Expertise: Design Engineer|Drafting
Location: Denver, CO
United States San Antonio/Elmendorf: Dispatcher
Expertise: Cementing|Dispatcher
Location: Elmendorf, TX
United States Houston: R&D Cementing Engineer - Petrophysical Applications
Expertise: Cementing
Location: Houston, TX
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours