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FINANCIAL NEWS
UAE-based Lamprell’s net profit up 10.8% in 2011
27 Mar 2012
(MENAFN) Lamprell’s CEO, Nigel McCue, said that net profit of the UAE-based firm grew 10.8 percent in 2011 to USD73.8 million, compared with USD66.6 million a year earlier, reported Gulf News.
McCue added that Lamprell, which is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, also recorded a surge of 127.8 percent in its revenues in the period, reaching USD1.14 billion.
He also said that the acquisition of Maritime Industrial Services Co, which was completed last year, boosted the company’s yard space to 925,000 square meters and the quayside to 2.2 km.
Moreover, the group carried out 43 jackup rig upgrade and refurbishment projects in 2011.
It is worth noting that Lamprell was awarded USD1.1 billion worth of contracts in the year.
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