Lamprell sees revenue rise 29pc to $600m
London, May 24, 2008
UAE-based oil services firm Lamprell is "comfortable" with consensus forecasts for revenue to rise 29 per cent to $600 million this year, its chief financial and chief operating officers said.
Lamprell is also on track to move to London's main stock market by November, giving US-based funds the chance to invest in the company at a time of record and rising oil prices.
The firm, 34 per cent owned by founder Steven Lamprell, listed on London's junior AIM market in late 2006, but its value has since more than doubled to just over £1 billion ($2 billion).
"It's the appropriate time," chief operating officer David Moran said in an interview. "There has been substantial interest from US investors keen on investing in us who were previously prohibited from investing in (smaller) AIM companies."
The firm will this year spend $65 million to further build out its Hamriyah yards in the UAE.
Hamriyah will double Lamprell's land facility size and triple its quayside dock space, enabling it to take on more drill and barge refurbishment work.
Oil and gas-related companies are among the few benefiting from record-high oil prices around $135 a barrel. The high oil prices are "giving us the confidence in our expansion, that the industry is in a supercycle", Moran said.
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