Lamprell projects pay off as earnings jump by 40pc

LAMPRELL reported a 40 per cent surge in first-half adjusted net profit yesterday as revenue from new projects increased, and the oil services group said it would meet expectations for the second half.

The UAE-focused group, which specialises in rig refurbishments and construction, said it worked on the construction of seven new build marine projects in the first half.

Group revenue more than doubled to $383.6m (£235.1m). At the end of July, Lamprell’s order book stood at $869m, compared to $836m last year.

“Contracted order book, other potential projects and the opportunities arising from the [newly-acquired] MIS business, gives the board confidence of meeting management expectations in the second half of 2011 and beyond,” it said in a statement.

For the six months to 30 June, the company reported an adjusted net profit of $27m, compared with $19.3m last year.