Oil rig maker Lamprell bounced into the black today after turning around last year’s huge losses – but warned it expected a falloff in 2014.
The company posted a $105million loss last year, and $50.8million half-year losses in 2012, but saw that turned into a $10.1million pre-tax profit for the same period this year.
The Dubai-based engineering group said it had one jack-up rig contract this year, with an option for a second, while it had a backlog of $1.1billion so far this year.
But the company warned while performance was set to be ahead of original expectations this year, revenues were expected to fall in 2014.
“We have made significant changes to the business, allowing Lamprell to emerge strongly from the issues of 2012,” said chief executive James Moffatt.
“We intend to build on this positive progress over the coming months and years, with the primary focus being on conversion of our good bid pipeline into contract wins.”
The company has also appointed Joanne Curin as new chief financial officer after her predecessor announced he was returning to the UK for personal reasons.
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