Oil rig maker Lamprell said today it was on track with its debt restructuring plan as the company recovers from a 2012 loss.
Rig-maker Lamprell charted a “back-to-basics” strategy earlier this year, as it looks to return it to profitability by 2014 following last year’s losses of £69.3million.
The company, which said it would complete the restructure of its debt and agree revised covenants by the end of June, added its performance for the year so far was encouraging and in line with management expectations.
The Dubai-based company was hit last year after moving into riskier areas such as wind turbine vessels, where operational difficulties led to a series of profit warnings.
The group’s order book at the end of April 2013 was $1.2 billion (£787million), with its bid pipeline at the same point in the order of $4 billion (£2.6billion).
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