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Lamprell Group (LAM)     

Andy - 19 Feb 2008 16:22



The Lamprell Group has played an important role in the development of the offshore industry in the Arabian Gulf for over 30 years, providing increasingly specialised services to the offshore oil industry. Lamprell is managed by British nationals, with its corporate headquarters in Sharjah, one of the United Arab Emirates, Lamprell operates a full service jackup rig refurbishment facility in Sharjah and a modern, well equipped fabrication facility in Jebel Ali Free Zone, Dubai.

Lamprell located in the most important oil and gas region in the world, in one of the key commercial centres in the UAE.

Lamprell has its own core skilled and experienced workforce as well as access to additional skilled labour from the local labour supply market.


AIM Rule 26 Disclosure

This, in addition to the Groupís safety focused culture and experienced project management skills, helps to ensure customer satisfaction is maximised whilst risks are reduced.

Lamprell has built up its strong market position by offering a differentiated service to its clients based on safe working practices and completing projects on time, on budget and to a high quality. Accordingly, we believe that the Company has established a position of sustainable competitive advantage in the region.

Andy - 19 Feb 2008 16:23 - 2 of 589

Proactive have done a write up and analysis;

Click HERE

HARRYCAT - 29 Jul 2008 13:11 - 3 of 589

"LONDON (Thomson Financial) - Panmure Gordon has upgraded its recommendation on Lamprell Plc to 'buy' from 'hold', whilst repeating its 520 pence target price, on valuation grounds, traders said.
In a note to clients on Tuesday, Panmure Gordon said the shares have slumped 19 percent from the average level seen in June, which is twice the average seen by it UK and Singapore peers.
The broker said visibility over the short-term direction of the oil price is a challenge, but Lamprell has no debt, 65 percent sales visibility for its 2009 sales estimates and contracts in the pipeline look secure."

Stan - 07 Nov 2008 22:04 - 4 of 589

I see LAM moved up to the main market today from AIM.

HARRYCAT - 08 Nov 2008 11:46 - 5 of 589

Yes. Worth watching, imo, but hope their expansion into Thailand hasn't come at the wrong time.

spitfire43 - 04 Dec 2008 15:55 - 6 of 589

Panmure Gordon believe price fall is due to Scorpion Offshore admitting to not having the cash to pay for work on two rigs, which could lead to an impairment charge of $50m. Lamprell disputes this possibility and says they are confident in Scorpians ability to make these payments.

The price fall looks overdone, because Lamprell still have cash of $159m, and a strong forward order book.

kate bates - 05 Jan 2009 10:12 - 7 of 589

is a bid coming here? Persistant rumours that cash rich HTG are ready to bid, very heavy volume of late and all over the place today. Worth a trade as pe is 3 and no debt with a cash pile. Very interesting.

kate bates - 06 Jan 2009 10:33 - 8 of 589

http://uk.reuters.com/article/hotStocksNews/idUKL54978120090105

spitfire43 - 06 Jan 2009 10:55 - 9 of 589

Thanks for the link, interesting read and good confirmation of the strengh of company. Will await HTG rumours to fade first before buying here, that is if they are rumours ?

spitfire43 - 21 Jan 2009 07:57 - 10 of 589

See todays trading update below.............

TRADING UPDATE FOR THE YEAR

ENDED 31 DECEMBER 2008

Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas industry, today announces its trading update for the year ended 31 December 2008. The Company will announce its audited preliminary results on 30 March 2009.

Trading Update

Lamprell undertakes a diverse range of activities for a broad range of customers and all its operating markets and facilities have remained active during the year. As a result, and in the absence of any unforeseen circumstances, the Board expects to deliver a strong financial performance for the year and anticipates reporting net profit for 2008 in line with market expectations.

Rig refurbishment performed strongly in 2008 with higher levels of activity than expected in the second half of the year. The Board believes the near term prospects for this business area, historically Lamprell's core expertise, are buoyant as customers continue to maintain and upgrade their existing rig fleets.

Floating Production, Storage and Offloading related activities were significant in the first half although, as expected, there was a slow down in the second half of the year due to a general reduction of capex budgets and the weakening oil price. Notwithstanding this fact, the Board remains confident in the long term viability of the offshore construction market.

Activities relating to land rigs have continued at a consistent level and progress on the four new build API 2000 HP fast moving land rigs continues on schedule.

As announced previously, Lamprell has been in active dialogue with its Engineering, Procurement and Construction ('EPC') customers to understand their financial position and mitigate the potential risk of bad debts or funding issues. As announced on 14 January 2009, Scorpion Offshore Ltd ('Scorpion') has confirmed that it has secured financing for its remaining construction payments on the jackup rig, the Offshore Freedom, which is on schedule to be completed within budget and delivered to Scorpion in April 2009. Activity on the jackup rig, the Offshore Mischief, remains on track and Lamprell continues to work with Scorpion to ensure that appropriate financing is in place to complete this project.

In addition, the Company has been in discussion with Riginvest G.P. ('Riginvest') regarding financing of the LeTourneau Super 116E jackup drilling rig project. Riginvest has confirmed that it is working on a number of options and continues to express confidence in its ability to obtain financing to fulfil its remaining construction payments to Lamprell.

Further EPC contracts with Seajacks International Limited and Bassdrill Limited are on schedule with delivery of the Seajacks Kraken expected in February 2009.

At 31 December 2008, the Company's order book was approximately US$ 612 million comprising largely EPC contracted projects and extends to mid 2010. Cash and bank balances at the year end are approximately US$ 86 million. Lamprell continues to operate debt free.

Operational Developments

The construction of the new facility at Hamriyah is progressing well. The quay wall is nearing completion and work continues on the offices and work shops. As a result of the recent market turmoil, the phasing of investment in this new facility has been reviewed and, where it has been considered that capital expenditure can be deferred without impacting the operational capability of the facility, the expenditure has been delayed. Notwithstanding this, the new facility remains on target to be operational at the end of the first quarter this year.

The Company signed an initial 5 year lease for a 46,950m≤ facility with 158 meters of exclusive deep water quay side in Sattahip, Thailand in May 2008. Lamprell continued enhancing the facilities throughout the second half of the year and is delighted to report that the facility is now ready to commence revenue generating projects. The first client rig has been at the quay side en route to a new project location, as anticipated, at the end of 2008. In addition, the Board of Investment privileges for the new Thailand operations, were granted on 4 December 2008 providing amongst other benefits, certain corporate tax and import duty exemptions.

Board Committees Appointment

Brian Fredrick joined the Board with effect from 1 January 2009 and at a Board meeting held on 19 January 2009, he was appointed with immediate effect to the remuneration, audit and nomination committees of Lamprell.

Outlook

Lamprell's reputation for quality, technical capability and long term relationships has never been more important both in continuing to deliver results, and in growing the business successfully over the long term. The proposals activity remains strong and the Company is focused on converting these opportunities into contracts.

During this current period of challenging market conditions Lamprell continues to remain active but also extremely vigilant. Whilst the financial results for the year reflect a strong performance by the Company across most business activities, it is possible that new build orders for drilling jack up rigs may slow, as clients reduce their capital expenditure plans and focus on existing assets. However the Company see a significant increase in interest in the use of jack up liftboats for alternative energy usage, particularly related to the development of offshore wind farms.

The Board believes it is well placed to capitalise on the rig refurbishment opportunities that are being presented to the Company with the increasing rig count in the Middle East region and although they are cautious in the short term market for new build construction, the Board is confident of the Company's long term prospects.

Commenting on today's statement, Peter Whitbread, CEO of Lamprell commented:

'Operationally, Lamprell has had a highly successful year. Highlights in 2008 include moving our listing to the Main Market of the London Stock Exchange, continuing our planned expansion of our Hamriyah site and opening our new facility in Thailand. In addition, we have won several sizeable contracts this year, for both existing and new clients, notably for rig refurbishment.

Whilst it is sensible to recognise the challenging market conditions the wider service sector is currently encountering, and put in place appropriate measures to limit their impact on our business in the short term, the Board believes that the Company is well-placed to withstand this period of economic uncertainty and remains confident of Lamprell's long term prospects.

We welcome Brian Fredrick to the Board and look forward to his contribution to the Board committees he has now joined. '

spitfire43 - 21 Jan 2009 08:01 - 11 of 589

Trading update not as strong as I had hoped for. Cash is down to $86m against $147m and orders are down to $612m from $818m. It's good to see that scorpion have finances in place now, but riginvest may now have funding problems.

Shame really but I will keep an eye on further updates for now.

cynic - 02 Apr 2009 08:18 - 12 of 589

a couple of months back, Lamprell came in with poor figures and a gloomy forecast ...... nevertheless, this is one of the top companies in its particular field and will be one of the first to benefit once rig building and refurbishment gets back underway - i.e. once crude shows it is truly on the way back up, fields and new exploration will restart.

with sp now nudging 25 dma, i think i shall be buying a modest number, though will expect to deal inside current wide spread (4.75p)




cynic - 02 Apr 2009 08:35 - 13 of 589

i did - at 73.5p .... and spread now closed to 2.75p, which is still quite wide but no longer silly

HARRYCAT - 02 Apr 2009 08:40 - 14 of 589

Why now particularly? Sp has broken through DMA's three times in the last three months, only to fall back. DMA's are all still declining & outlook for oil is still circa $40-$50 pb.

cynic - 02 Apr 2009 08:43 - 15 of 589

your view on oil, but not mine, or certainly not within next 3/6 months

cynic - 03 Apr 2009 13:21 - 16 of 589

Harry .... i know the markets have been strong for the last day or so, but it really wasn't a bad call of mine i would suggest

HARRYCAT - 03 Apr 2009 13:37 - 17 of 589

I agree. So far so good, but don't take your eye off the ball. 'The value of your investment may go down as fast as it went up.'
I do watch most of the oil services companies (LAM, WSM, HMY etc) but I feel it's a little early to be piling back in to them. Generally, their next set of figures are going to be lean, imo.

cynic - 03 Apr 2009 13:39 - 18 of 589

i visited Lamprell last time i was in Dubai and reckon they run a pretty tight ship ..... as do PFC

cynic - 06 May 2009 13:45 - 19 of 589

thought for the day .....

LAM and PFC are very much in the same sector, even though PFC's range of services is very much wider - LAM concentrate exclusively on building rigs asnd refurbing them

however, while PFC has had a little burst for glory in recent weeks, LAM has languished ...... i think this may be rectified, at the very latest with their next set of accounts, for as crude prices recover (which they are), so demand for rigs etc will increase.

lelael - 06 May 2009 13:53 - 20 of 589

LAM seems to be struggling with the 100 barrier, nothing to do with what the company actually does, they were asking 104 for a few hours this morning, no buyers till gone 11 when they dropped it under 100 again, similar thing at JRVS, cannot get through 10.

cynic - 06 May 2009 14:19 - 21 of 589

and to my amusement, after my post (and modest purchase at 98.25), sp is now 101.75/102.00
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