James Moffat News

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives, generating improved margins. Revenues rose by $125.7 million against H1 2013 as a result of the high H1 activity levels and phasing of construction activity during the period. According to Lamprell, successful rights issue and refinancing provides a strong financial platform and enables delivery of long-term growth strategy.

Reuters - Dubai based rig-maker Lamprell said on Monday it sold its International Inspection Services (INSPEC) division to Intertek for $66.2 million to reduce its debt and focus on its core business. Lamprell is attempting to pay down debt after a disastrous 2012 in which the company issued multiple profit warnings prompted by delays and cost overruns on its gas turbine repair vessels. Intertek will pay for INSPEC with cash and Lamprell said it would use part of the proceeds to pay down a substantial part of a secured debt facility put in place last year. INSPEC carries out inspections for infrastructure-intensive industries including desalination and energy projects.

Lamprell a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, has been awarded a contract valued at approximately US$ 64 million.by Millennium Offshore Services group (MOS) to convert its 'MOS Frontier' into an accommodation support vessel. The three-legged Type MLT116C jackup rig is a multi-purpose jackup unit capable of operating in water depths of 300 feet and it will be converted into an accommodation support vessel for the purpose of accommodating 290 personnel.