Construction Begins on Saudi Aramco's Shipyard Joint Venture
Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said. The SIDF agreed in principle last year to provide 3.75 billion riyals ($1 billion) in financing for the project.
Lamprell's Revenue Falls 65 pct, Cuts FY Forecast
Oil rig builder Lamprell Plc reported a 64.7 percent fall in revenue in the first half of the year and cut its full-year forecast, hurt by lower activity levels across the industry. The company said it expected revenue for 2017 to be in the range of $370 million to $390 million, as it saw continuing low levels of walk-in work. Lamprell had forecast full-year revenue to be in the lower half of the $400 million-$500 million range in March.
Lamprell Revenue Dips, Tightens Purse Strings
Oil-rig builder Lamprell Plc said it would continue to maintain a tight reign on costs as it stuck to its guidance of lower 2017 revenue. The company, which mainly focuses on contracts around the United Arab Emirates, said it expected 2017 revenue to be between $400-$500 million, with the current market pointing towards the lower half of the range. Lamprell also said it expected full-year 2016 revenue to be about $700 million, lower than the $871.1 million it reported in 2015.
Lamprell CEO to Retire in 2016
Oil rig maker Lamprell Plc said Chief Executive James Moffat would retire next June and that it had promoted Tony Wright to the role of chief financial officer with immediate effect. John Kennedy will take on the role of executive chairman until the next annual general meeting in 2016, the company said on Friday. Lamprell said it had commenced the search process to find a new CEO. Reporting by Aastha Agnihotri in Bengaluru
Lamprell Issues Pre-close Trading Update
Lamprell published a trading update ahead of its results for the year ending December 31, 2014, stating it has delivered a robust operational and financial performance in 2014 as a result of strong project execution, favorable phasing of rig construction cycles and some one-off elements. The group reports it has seen a strong rate of conversion of its bid pipeline with six new build jackup rig orders won and several smaller awards signed recently.
Short Selling on Saipem Stock Banned
Italian market regulator has banned short selling on Saipem shares on Tuesday after sharp losses on Monday sent the stock to its lowest level in more than 10 years. Shares in the Italian oil services group, which have sufferd from the scrapping of the key South Stream gas project announced in December, were hit on Monday by a profit warning at British rig-maker Lamprell Plc and by broker dowgrades. (Reporting by Danilo Masoni)
Lamprell Cuts 2015 Revenue Forecast
Rig-maker Lamprell Plc said the slump in oil prices hurt its ability to secure new business, and that it expected its revenue for this year would be about 10 percent below current expectations. Shares in the British company fell as much as 15 percent on the London Stock Exchange on Monday. Lamprell said its financial performance for the year would be heavily weighted toward the second half. The reduction in capital expenditure by oil and gas operators globally due to the slump in oil prices will hurt its bid pipeline, Lamprell said.
Shelf Drilling Sings 5-Yr Contract For 2 Newbuild Jackups
Shelf Drilling, Ltd. today announces that one of its subsidiaries has been awarded contracts for two newbuild jackup rigs by Chevron Thailand, a subsidiary of Chevron Corporation (NYSE : CVX). The two drilling contracts are for a five-year term each and the newbuild rigs are scheduled to commence operations offshore Thailand during the first and third quarter of 2017 respectively. The estimated revenues which could be generated over the five-year contract term are approximately USD 281 million for each rig…
