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lamprell plc (LMPRF) Details

Lamprell plc, through its subsidiaries, provides diversified engineering, construction, and contracting services to the onshore and offshore oil and gas, and renewable energy industries in the United Arab Emirates, Saudi Arabia, and Kuwait. The company is engaged in the design and construction of new build jackup drilling rigs; various offshore vessels and structures; and process modules for floating production, storage and offloading units, floating storage and regasification units, tender assist drilling barges, mobile offshore production units, offshore drilling rig components and accessories, living quarters, turrets, and other offshore fixed structures. It also offers rig refurbishment services; engineering and construction services; and land rig services for various projects and services related to onshore drilling rigs, oilfield service companies, and drilling equipment refurbishment for land and offshore rigs. In addition, the company is involved in the construction of wind turbine installation vessels for seajacks and fred; and engineering services, including concept engineering, FEED, and design engineering, as well as detailed and construction engineering, which include offshore drilling rigs, land rigs, onshore and offshore engineering, procurement and construction projects, pipelines, pressure vessels, skids, modules, decks, and jackets. Further, it offers safety solutions, as well as technical consultancy, services, and support specialized in the detection and handling of the toxic H2S gas; and manpower, equipment, and materials services for oil and gas, and petrochemical facilities and plants, as well as for drilling rigs, offshore facilities, marine docks, and marine vessels. Lamprell plc was founded in 1974 and is based in Dubai, the United Arab Emirates.

Founded in 1974

lamprell plc (LMPRF) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $1.2M
Chief Financial Officer and Executive Directo...
Total Annual Compensation: $241.0K
Compensation as of Fiscal Year 2013.

lamprell plc (LMPRF) Key Developments

Lamprell plc Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2014; Provides Production Guidance for the Fiscal Year 2014 and Revenue Guidance for the Fiscal Year 2014 and 2015

Lamprell plc announced unaudited consolidated earnings results for the six months ended June 30, 2014. For the six months, the company reported revenue from continuing operations of USD 632,334,000 against USD 506,551,000 a year ago. Operating profit was USD 53,395,000 against USD 19,176,000 a year ago. Profit before income tax was USD 46,535,000 against USD 12,338,000 a year ago. Profit for the period from continuing operations was USD 46,112,000 against USD 11,817,000 a year ago. Profit for the period attributable to the equity holders of the company was USD 77,673,000 or 26.86 cents per diluted share against USD 7,251,000 or 2.52 cents per diluted share a year ago. Net cash used in operating activities was USD 52,278,000 against net cash generated from operating activities of USD 62,357,000 a year ago. Additions to property, plant and equipment was USD 9,697,000 against USD 7,056,000 a year ago. Additions to intangible assets were USD 1,216,000 against USD 898,000 a year ago. EBITDA excluding discontinued operations and exceptional items for the period was USD 66,200,000 million against USD 30,400,000 a year ago. The group's total revenue showed significant improvement on last year's performance, driven mainly by the new build segment with a contribution from rig refurbishment, partially offset by weaker revenues in the onshore and offshore construction market. The company provided production guidance for the full year 2014. The company announced that five new build jackup drilling rigs to be delivered between November 2014 and March 2015. For the fiscal year 2014, the company’s revenue expectations unchanged; lower revenue levels expected in second half of 2014 compared to first half 2014 due to timing of build cycles and reduced activity in onshore and offshore construction market. Full year outturn anticipated to be ahead of expectations predominantly due to projected continuing strong operational performance and initial savings from procurement activities. As previously announced, revenue for fiscal year 2015 expected to be broadly flat on fiscal year 2014 with significantly fewer major project completions in fiscal year 2015.

Lamprell plc, H1 2014 Earnings Call, Aug 28, 2014

Lamprell plc, H1 2014 Earnings Call, Aug 28, 2014

Lamprell plc Announces Completion of Debt Refinancing

Lamprell plc announced that, further to its announcement on 16 May 2014 that the group had signed a commitment letter and detailed heads of terms in respect of a new secured banking arrangement, it signed a definitive agreement with the lenders for the syndicated facility. Drawdown is expected to take place shortly. The agreement remains subject to certain conditions subsequent which Lamprell anticipates being satisfied in the next few weeks. The new arrangements will replace the Group's existing funded facilities with a USD 350 million facility, comprising a USD 100 million term loan, USD 50 million for general working capital purposes and USD 200 million of working capital for project financing. In addition, the lending banks have agreed to arrange a committed USD 250 million bonding facility which may be used by the group for project bonding requirements in connection with new contract awards. The completion of this new refinancing which is a major step in the financial recovery of the company and sets it on strong footing for future growth. Along with greater financial flexibility, it is expected to result in material savings from reduced interest margins and from lower bonding costs for its projects.


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