Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Lamprell plc (LAM)

  Print      Mail a friend       Annual reports

Wednesday 16 May, 2012

Lamprell plc

Trading Update

RNS Number : 4193D
Lamprell plc
16 May 2012
 



 

16 May 2012

 

LAMPRELL PLC
("Lamprell" or "the Group")

 

TRADING UPDATE

 

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, issues the following trading update on the expected financial performance of the Group for the current year.

 

During the year to date the Group's financial performance has been adversely affected mainly by progressive delays in key specialised vendor equipment deliveries for new build jackup projects together with the progressive slippage in the timing of expected new project awards and delayed client deliverables.  The delayed equipment deliveries are representative of the current tightening in the worldwide supply chain for specialised jackup rig components which is expected to ease during 2013 when new capacity comes onstream.  This has caused a delay in revenue generation and led to the significant underutilisation of resources including personnel. Following the rescheduling of construction work it is anticipated that the final delivery dates of the projects affected by delayed equipment deliveries will remain on track.

 

In addition, we have recognised further costs linked to the final specialised equipment commissioning on, and the delivery of, the wind farm installation vessel projects Windcarrier Brave Tern and Seajacks Zaratan both of which are scheduled for delivery in the second quarter.

 

It is anticipated that the delay in revenue generation together with the additional costs will result in the Group incurring a small loss in the first half of the year with a recovery expected in the second half of the year.  Following a review of project schedules and considering the substantial order book cover we now expect full year revenue for 2012 to be broadly in line with last year at approximately US$1,100 million with a net profit margin of approximately 3.5%, considerably below the Board's original expectation for the year.  The Board believes that the Group's margin performance will recover in 2013.

 

In light of the reduction and timing of our projected revenue for 2012 we are reviewing our cost base and adjusting it accordingly.  This process will be supported by the continued development of the Group's systems and the on-going implementation of a Group wide Enterprise Resource Planning system with a view to providing more timely management information.

 

The Group's net debt at 14th May 2012 was US$ 173 million, representing an increase of US$ 71 million over the 31 December 2011 net debt of US$ 102 million.  However it is anticipated that, upon delivery of the Seajacks Zaratan and Hull 108, the majority of the syndicated loan facility entered into in connection with the acquisition of Maritime Industrial Services Co.Ltd.Inc. will be repaid. 

 

In the year to date we have announced contract awards totalling US$ 684 million, including a further two LeTourneau Super 116E jackup rigs for National Drilling Company, Abu Dhabi ("NDC"), and a LeTourneau Super 116E jackup rig for an international drilling contractor. NDC has an option, exercisable in the six month period ending November 2012, to require the Group to build a further two LeTourneau Super 116E jackup rigs for the same price. 

 

The Group maintains a substantial order book extending to Q1 2015 which at the end of April was US$ 1,579 million, comprising US$ 1,268 million from new build marine projects, US$ 232 million from offshore construction projects including offshore platforms, US$ 37 million from jackup rig refurbishment projects and US$ 42 million from the Group's other fabrication activities and subsidiary operating companies. The Group's bid pipeline at the end of April was US$4.8 billion.

 

We see continued strength in our operating markets, our bid activity remains at a historically high level and the Board remains optimistic that the long term prospects of the Group remain promising.

 

The Group was expecting to release an interim management statement on 17th May 2012; this trading update replaces the interim management statement.

 

Management will be hosting an analyst conference call at 8am (BST) on 16th May, M:Communications should be contacted for the dial in details.

 

- Ends -

 

 

Enquiries:

 

Lamprell

+44 (0) 207 920 2347

Nigel McCue                                       


Jon Cooper




M:Communications, London

Patrick d'Ancona

+44 (0) 207 920 2347

Andrew Benbow

+44 (0) 207 920 2344

 

Cautionary Statement

 

This announcement contains certain forward-looking statements with respect to the financial condition and operational results of Lamprell plc.  These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future.  There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements.  These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast.  Except as required by law, Lamprell plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTBIGDURGBBGDU