Lamprell: Record Breaking Year

Lamprell, a provider of diversified engineering and contracting services to the onshore and offshore energy industry released financial results for 2014.

According to the company, this was a record-breaking year with a net profit reaching USD 118 million, up 224% compared to the year before.

The group completed nine projects in the last year, all delivered as planned and on budget.

“2014 was a year of outstanding performance. Record financial results were driven by strong project execution and cost savings, and some exceptional factors such as the favourable phasing of the construction cycles,” said John Kennedy, Non-Executive Chairman for Lamprell.

One of those projects was wind farm installation vessel Seajacks Hydra delivered in June 2014.

It is Seajacks’ fourth vessel, a modified version of Gusto MSC’s NG 2500 X design fully adaptable for work in both the Oil and Gas and the Offshore Wind industries.

“Lamprell started the New Year in a position of relative strength, with good revenue coverage for 2015, a solid bidding pipeline and a firm financial platform. The Board is mindful of the challenges facing the industry in a lower oil price environment and affirms the revised guidance given in January,” added Kennedy.

The revenue was slightly up at USD 1,084.9 million while operating profit almost doubled at USD 109.1 million compared to the year before.