Lamprell Sees Stable 2013 After Loss From Delays Last YearBrian Swint
Lamprell Plc, an oil-rig engineer, sees business stabilizing this year after project delays led to a loss last year and knocked 65 percent off its market value.
“I see 2013 as a recovery year, a break-even year,” Chief Executive Officer James Moffat said in a telephone interview. “We see a good pipeline of business between new rig builds and rig repairs. We have a sound platform looking forward.”
Lamprell posted a 2012 loss of $110.5 million, compared with a profit of $63.3 million the year earlier, the Douglas, Isle of Man-based company said today in a statement. The engineer has an order backlog of $1.3 billion, it said.
Lamprell replaced its management in October after surprising investors with project delays. The U.K. financial regulator fined the company $3.7 million over the matter.
The company, which has its main operations in Dubai, advanced 2.7 percent to 145 pence at the close of London trading, bringing its rebound this year to 54 percent.