Lamprell sees improving market for its oil services
OIL rig services group Lamprell has said that its performance so far this year has matched management expectations, following a strong performance in 2010 boosted by high oil prices.
The company, which builds mobile jack-up rigs, said it had also seen a turnaround in the new-build market since the spill at BP’s Macondo oil rig in April last year.
“We continue to see evidence of improvements in our operating markets and our bid activity remains at a historically high level. We are experiencing renewed activity in the rig refurbishment and upgrade market, representing a strong improvement from the lower levels of expenditure experienced in the second half of 2010,” said chairman Jonathan Silver.
At the end of April, Lamprell’s order book was around £567m, mostly from its engineering, construction and procurement projects.
In May, Lamprell made an offer for United Arab Emirates-based Maritime Industrial Services (MIS) from its Norwegian owners for £208.1m, in a move to broaden its engineering capacity.