Lamprell plc Interim results presentation - H1 2012 Agenda Financial summary Operational summary Operational highlights Operational and growth initiatives Markets and business development Financial review Conclusion…
Lamprell plc Financial Summary 3
Lamprell plc Financial summary for H1 2012 Revenue increased to 528m (H1 2011: 384m) Operating loss 34m (H1 2011: 22m profit) Revenue 528m Net loss 47m (H1 2011: 19m profit) EPS (fully diluted) (18.10) cents (H1 2011: 8.55 cents)…
Lamprell plc Operational summary 5
Lamprell plc Operational summary As disclosed, delays on Windcarrier 1 & 2 resulted in significant additional costs and liquidated damages, totalling 46m of gross contract losses in the period Supply chain delays relating to major…
Lamprell plc Windcarrier project issues Vessels are of a complex prototype nature Development of the concept design did not proceed as scheduled due to the prototype nature of these vessels Consequently, production of the detailed…
Lamprell plc Initiatives remedial actions Focus area Actions Project Management Project management structure reorganised to strengthen project cost accountability and visibility Creation of a project control group Engineering…
Lamprell plc Major new contract awards in 2012 Lamprell has secured major new contract awards during 2012 amounting to 743m, including 2 Le Tourneau Super 116E jackup rigs for National Major new contract awards 743m Drilling Company…
Lamprell plc Order book Order book 1,475m* key clients National Drilling Company Eurasia Drilling Company Fred. Olsen Windcarrier Seajacks Order book 1,475m 1,200 Greatship 1,000 Jindal Nexen 800 Leighton m 600 Rowan…
Lamprell plc Bid pipeline Key bid activity includes New build jackups Offshore platforms Liftboats New build land rigs Bid pipeline of 4,402m Pressure vessels 2,500 E&C projects 2,000 Increased opportunities within the…
Lamprell plc Initiatives - growth Focus area Actions Operations and Significant increase in O&M division to capitalise on internal and external opportunities Maintenance (O&M) within the region expansion Retention of margin within…
Lamprell plc Group strategy and markets 14
Lamprell plc Our key medium term strategic objectives Medium term strategic objectives Enhancement of cost control and visibility Core Increased focus on aligning our cost base to activity levels and strengthening of project…
Lamprell plc Upstream offshore - markets The market Global New build orders (water depth 0-350ft) Continued strength in new build jackup market High utilisations and increasing day rates support order growth Lamprell continues to…
Lamprell plc Services Service Description Market Position division Leading regional Heat treatment, non-destructive testing, mechanical Strong demand and INSPEC testing, chemical analysis and calibration services scarcity of…
Lamprell plc Financial review 18
Lamprell plc Financial Review summary P&L Revenue (m) 38% increase in revenue to 528m (H1 2011: 384m) 528m primarily driven by new build activity and service businesses 384m Net loss* of 47m with a net margin of (8.9)% (H1 2011:…
Lamprell plc Financial Review balance sheet Total non-current assets decreased to 406.2m (YE 2011: 417.1m) H1 2012 31 12 2011 Balance sheet m m Cash and bank balances at 30 June 2012 totalled 134.0m (YE 2011: 149.4m) Non current…
Lamprell plc Financial Review cash flow Net cash inflow from operations of 92.9m (H1 2011: 21.7m outflow) H1 2012 H1 2011 Cash flow m m Working capital movements driven primarily by receipt of Net earnings (46.8) 18.6 final lump…
Lamprell plc Conclusion Disappointing performance in H1 Focus on delivery of Windcarrier 1 & 2 in H2 Remedial actions being undertaken to strengthen project management, engineering, processes and systems Forecasting 2012 full…
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