Lamprell revenues surge on high oil prices

Lamprell_1Lamprell posted record revenues in 2011 which increased by 127.8 per cent to US$1.14 billion as high oil prices boosted demand.

The 2011 revenues jumped from US$503.8mn in 2010 with new-build projects accounting for US$790mn.

"We're very pleased with the numbers," said Chief Executive, Nigel McCue, adding that the acquisition of Maritime Industrial Services Co (MIS) had significantly contributed to consolidating the company's position as a market leader in the provision of contracting products and services in the oil and gas.

The acquisition of MIS had increased Lamprell's capacity by 68 per cent with yard space growing to 925,000 sqm and the quayside to 2.2 km. McCue added that the company was not seeking more acquisitions this year.

The company was awarded a record US$1.1 billion worth of contracts in 2011 and it was bidding for US$5.2 billion of new business, Lamprell said in a statement.

"The ongoing increase in the oil price has also helped to bolster a record bid pipeline, and we ended the year with unprecedented levels of enquiries and bid activity. What is extremely pleasing is that our bid pipeline is at a high of US$5.2 billion, so we're actually seeing strength continuing across the board in virtually all our business sectors," McCue explained.

Lamprell sees opportunities in Saudi Arabia, Iraq and Kurdistan this year and the new-build area of its business offers further growth.

McCue said that he expects 2012 will be a 'strong year' with growth at around 10 per cent over 2011.

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