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Lamprell reports strong 2015 result

UAE-based rig manufacturer Lamprell reported $66.5m net profit in 2015, a very healthy result although not matching the $93.2m that the company recorded in what it described as an ‘exceptional’ 2014. 

Revenues were down from $1.08bn to $871.1m year-on-year.

Lamprell’s yards are currently “close to full capacity” with a record seven jack-up rigs currently being built at its main site in Hamriyah. The company also has nine stacked rigs, an onshore project and an E&C project.

Also, a major expansion and diversification of Lamprell’s facilities called ‘Project Evolution’ is currently underway, involving a new $35m pipeshop for which the company announced it was leasing extra land and taking on 1,500 new workers last November. This strategy will be “key to sustainable growth” in the future, says Lamprell, and facilitate “strategic alliances to access larger scale projects.”

However, current high levels of activity are expected to taper off toward mid-2016 as existing projects move into their final stages, and full-year revenues drop 5% from 2015 levels, according to ceo Jim Moffat (pictured), who is due to leave the company at the end of H1.

Posted 23 March 2016

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