FINANCIAL NEWS

UAE’s Lamprell expects USD15m-USD20m loss in H1

09 Jun 2012

(MENAFN) UAE’s Lamprell, the oil rig maker, announced that loss during 2012’s first half is expected to reach between USD15 million and USD20 million, reported Arabian Business.

The company, which has also facilities in Saudi and Kuwait, said that revenue for the current year is forecasted to reach around USD1.1 billion; however, net profit margin would be about 2.5 percent, compared with May’s projection of 3.5 percent.

It attributed the expected loss to delayed payments, as a shortage of key components for jackup rigs had resulted in delayed deliveries to clients.

It is worth noting that in 2011, Lamprell’s net profit margin was 5.5 percent on revenue of USD1.15 billion.

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