Dubai-based rig builder Lamprell says it expects final results for 2013 to be ahead of initial expectations.
The company, which suffered a $105million loss in 2012, swung back into the black with a billion-dolar order book and a $4.7billion bid pipeline.
Order intake was lower for the year than in 2012, after a refocusing on delivering existing projects, but repeat business and the conversion of the MOS Frontier boosted the company’s production.
Final net cash for the firm is expected to be around $180million (£110million), although the company warned that figure would fall in the first quarter of the year due to project investment.
“2013 has proven to be an important year for Lamprell with the business returning to profitability,” said chief executive Jim Moffat.
“We now anticipate that the outturn for the full year will be ahead of our previous expectations as a result of the continuing improvement in project execution in the last few months.
“The business made great strides in 2013 and we need to build on this in 2014, developing our strategy to ensure that Lamprell is competitively positioned for sustainable growth over the long term.”