17th Jan 2019 11:27
LONDON (Alliance News) - Lamprell PLC on Thursday expressed confidence in delivering growth in 2019 as its loss narrowed, despite a significant fall in revenue.
The oil rig construction company said its performance is in line with revenue guidance, with strong strategic progress and developing pipeline.
Lamprell said the bid pipeline has increased to USD6.4 billion from USD4.1 billion reported at the end of June, reflecting the broad range of bids that are currently being pursued in the oil & gas and renewables market segments.
The company expects revenue for 2018 at around USD235 million, resulting in net loss of USD71 million. In 2017, net loss was USD98.1 million on a revenue of USD370.4 million.
Looking ahead, Lamprell said it remains optimistic in respect of continuing realisation of its strategy and business recovery. It expects revenue for 2019 to increase year-on-year to between USD250 million and USD400 million.
"We finished the year with a major renewables project added to our order book and two new build jackup rigs committed for construction at Lamprell's yards in the United Arab Emirates," said Chief Executive Christopher McDonald.
"Given the ongoing uncertainty in the industry, this reconfirms our confidence that Lamprell's strategy will deliver growth for the business from 2019 onwards," added McDonald.
Lamprell intends to publish its 2018 results on March 21.
The stock was trading 0.7% higher on Thursday at 56.40 pence a share.
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