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FINANCIAL NEWS
UAE’s Lamprell reports wider H1 loss
28 Aug 2012
(MENAFN) UAE-based oil rig maker Lamprell PLC reported a wider half-yearly loss as a result of contract delays, Reuters reported.
The company said it incurred USD47.1 million loss during the first half of 2012, up from USD45 million loss a year earlier.
Nevertheless, the company reaffirmed on its outlook, saying that its bid pipeline was positive and it was confident of the support of its banks.
The company expected to reach a restructure deal with its creditors in order to avoid any breaches in the full-year period.
Lamprell, which said it continues to see strong demand in its key oil market, stuck at its full-year outlook, expecting a loss of between USD12 million to USD17 million.
Order book remains at a historically high level of USD1.5 billion and bid, Lamprell said, adding that it is still positive for the demand in its key oil rig markets.
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