Lamprell on track

Lamprell, a specialist engineering firm serving the oil and gas industry, is progressing in line with market expectations the firm said.

In the year to date the company has been awarded contracts with a total value of $1.07bn, and the bid pipeline remains at a consistent level. The company expects the results for 2011 to be in line with market expectations.

The core jackup rig construction and offshore fixed platform markets remain strong.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

In October 2011, the company agreed terms for the satisfactory resolution of a long running dispute with a major customer of MIS, with payment being received in November 2011.

In a statement the firm said: "In our rig refurbishment business we have worked on a total of 28 jackup rigs in the year to date and these projects have included work scopes covering the full range of our upgrade and refurbishment service.

"The group's financial position has not changed significantly from 30th June 2011 other than as already disclosed as a result of the closing of the MIS acquisition.

"We continue to see high levels of enquiries for our services in most sectors of our business and the Board remains optimistic that the long term prospects of the group continue to be promising."

The share price fell 1.29% to 260.5p by 16:21.

NR