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Lamprell's Revenue Falls 65 pct, Cuts FY Forecast

Maritime Activity Reports, Inc.

September 22, 2017

Oil rig builder Lamprell Plc reported a 64.7 percent fall in revenue in the first half of the year and cut its full-year forecast, hurt by lower activity levels across the industry.
 
The company said it expected revenue for 2017 to be in the range of $370 million to $390 million, as it saw continuing low levels of walk-in work. Lamprell had forecast full-year revenue to be in the lower half of the $400 million-$500 million range in March.
 

Lamprell, which runs three rig building yards in the UAE, said revenue fell to $159.2 million in the six months ended June 30 from $451.3 million a year ago.

 

Reporting by Arathy S Nair 

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