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.
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