Lamprell to wrap up talks with lenders

Lamprell, which provides engineering and contracting services to oil and gas industries, is on track to complete discussions with lenders to restructure its debt facilities.

Lamprell, which provides engineering and contracting services to oil and gas industries, is on track to complete discussions with lenders to restructure its debt facilities.

Talks with the banks are expected to wrap up by June 30th, according to a trading update on the year to date Friday.

The group said its financial position remains stable and working capital "continues to be in a healthy position".

Lamprell's major engineering, procurement and construction projects are currently under way in its facilities in Hamriyah, Sharjah and Jebel Ali.

In the year to date, the company has worked on a total of 11 jackup rigs, two at the Hamriyah facility and nine at Sharjah, covering the full range of its repair, upgrade and refurbishment services.

In February, Lamprell secured a new contract with the Jindal group, a key existing customer, for the construction and delivery of mobile offshore drilling platform. The contract also includes an option for Jindal to order a second jackup rig.

The same month the firm successfully delivered a wind turbine installation vessel to shipping company Fred Olsen.

Looking ahead, the company said it is well placed to achieve its 2013 guidance as it maintains a "substantial order book" which stood at $1.2bn at the end of April. The group's bid pipeline at the end of April came to $4.0bn.

The trading update comes two months after James Moffat took over as Chief Executive Officer and Frank Nelson was appointed Chief Financial Officer.

Shares fell 3.22% to 173p at 11:10 Friday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

How the stamp duty holiday is pushing up house prices
Stamp duty

How the stamp duty holiday is pushing up house prices

Stamp duty is an awful tax and should be replaced by something better. But its temporary removal is driving up house prices, says Merryn Somerset Webb…
25 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020