Lamprell plc Agenda Operational review Financial highlights Operational highlights New contract awards Operating markets Order book Bid pipeline Group strategy Financial review Acquisition update Conclusion Appendices…
Lamprell plc Operational Review 3
Lamprell plc Financial Highlights Revenue: US 383.6m up 102.6% Operating profit: US 30.1m* up 45.4% (Post 2010 one-off gain down 26.8%) Net profit: US 27.0m* up 39.9% (Post 2010 one-off gain down 32.0%) Net margin 7.0%* down…
Lamprell plc Operational Highlights Underlying performance in line with management expectations New contract awards in period amounting to US 316m Major contracts, refurbishment and fabrication projects executed on schedule & on…
Lamprell plc Operational Highlights (cont) Fred Olsen Contract awarded for US 320m to build two MSC Gusto NG9000 vessels Project progress Brave Tern - 72% Bold Tern - 50% Delivery Brave Tern - Q2 2012 Bold Tern - Q3 2012…
Lamprell plc Operational Highlights (cont) NDC Contract awarded for US 317m two new build LeTourneau designed Super 116E (Enhanced) Class design jackup rigs Project progress Unit 1 - 68% Unit 2 - 54% Delivery Unit 1 - Q1 2012…
Lamprell plc New Contract Awards US 316m Greatships 180 Contract awarded to build one new build New build jackups LeTourneau designed Super 116 160 (Enhanced) Class design jackup rig Delivery 140 Unit 1 - Q4 2012 120 Rig Ref…
Lamprell plc Operating Markets New Build Jackups New build jackup market remains active for premium jackups with emphasis on new equipment Premium rigs required considering efficiency, complex high pressure high temperature wells,…
Lamprell plc Operating Markets Windfarm Sector UK offshore sector 14 windfarms are active or under construction 25 windfarms are in various stages of planning UK target to install 7500 turbines during next six years (Licence rounds…
Lamprell plc Operating Markets Construction FPSO market recovering in medium term Offshore platform market remains strong particularly Saudi Arabia, Abu Dhabi, Iraq and India Increasing demand for platform projects for the North…
Lamprell plc Operating Markets Jackup Refurbishment Jackup Rigs by location Middle East 118 Indian Ocean 27 Black Sea/Mediterranean 21 South East Asia 60 Rest of world 253 Total 479 Middle Easts leading jackup refurbishment…
Lamprell plc Order Book US 869m Key clients in H1 2011 500 New build jackups National Drilling Company Eurasia Drilling Company Limited 450 Fred Olsen Windcarrier AS Seajacks 3 Ltd 400 Greatship Global Energy Services 350…
Lamprell plc Bid Pipeline US 4.7billion (excluding options) Bid pipeline remains high Marketing across all construction sectors Key bid activity includes New build jackups Offshore platforms Engineering & construction GTL…
Lamprell plc Bid Pipeline US 4.7 billion (cont) 1,200 New build jackups 1,000 Offshore platforms 800 E&C Other construction m 600 GTL 400 Rig Refurb FPSO/Modules Land rigs/camps Other 200 0 15
Lamprell plc Group Strategy Maintain focus on core activities Reorganise value streams within MIS to target larger E&C projects in the region Develop regional businesses acquired as part of the acquisition of MIS: Saudi Arabia,…
Lamprell plc Financial Review 17
Lamprell plc Summary Profit & Loss Turnover (US m) New build revenue performance reflects seven projects 384 260 Rig refurbishment reflects an improvement over H2 189 2010 but lower than H1 2010 Lower level of offshore…
Lamprell plc Balance Sheet 2010 2011 Non current assets (US m) Net capex spend of US 28m YE H1 Non current assets 125.1 143.0 Current assets Current assets 473.3 693.4 Cash balance of US 357m (includes US 217m net rights issue…
Lamprell plc Cash Flow (US m) H1-2010 H1-2011 Cash flow generated from operations impacted Net earnings * 39.7 27.0 by decease in profit for the period and progress Depreciation & amortisation 6.3 7.6 of new build projects Working…
Lamprell plc Acquisition Update 21
Lamprell plc Acquisition Update Rights issues 3 for 10 Discount to market 28.3% New ordinary shares issued 60,083,792 Total number of issued shares 260,363,101 Equity issued US 225 million Short term debt facilities US 305 million MIS…
Lamprell plc Acquisition Update (cont) Strategic Rationale Provides complementary business areas, particularly in onshore service offerings Adds established businesses in target geographies Adds extra capacity and resources…
Lamprell plc Acquisition Update (cont) - Integration Completed 13 July Acquisition 14 July Meeting with business unit managers 18 July Integration kick off 19 July Engaged Mercer to review compensation & benefits 26 July Commence…
Lamprell plc Acquisition Update (cont) - Group Positioning Positioning A diversified engineering and contracting group for the energy industry Business segments Principal facilities Hamriyah Sharjah Jebel Ali Dubai…
Lamprell plc Acquisition Update (cont) - Group Facilities Summary 26 * Held via a JV
Lamprell plc Acquisition Update (cont) - Group Resources Summary 11,000+ employees 1,500 management and administration 9,500 skilled and experienced production personnel 6,500 core 3,000 labour supply personnel Substantial…
Lamprell plc Conclusion Confident of management expectations for the full year Group seeing a continued strong bid activity across most business activities Securing contracts in line with strategic plan Maintaining focus on core…
Lamprell plc Appendices 30
Lamprell plc Core Values Continue to deliver projects on time and on budget Deliver projects of high quality and complexity Maintain strong customer relationships Maintain non-litigious relationships Focus on repeat business and…
Lamprell plc Board Structure Board structure Executive Directors Non-Executive Directors Nigel McCue CEO Jonathan Silver Non-Executive Chairman Scott Doak CFO Colin Goodall Senior Independent NED Chris Hand COO Richard Raynaut…
Lamprell plc Dividend History Year Period Cents Pence 2006 Final 3.80c 1.93p 2007 Interim 5.00c 2.47p 2007 Final 12.25c 6.17p 2008 Interim 6.40c 3.48p 2008 Final 3.15c 2.18p 2009 Final 3.80c 2.55p 2010 Interim 3.50c 2.25p 2010…
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