Leading oil & gas engineering and contracting services provider Lamprell have announced better than forecast performance for 2013.
A statement from the company said that it will remain focused on conversion of its pipeline of opportunities into contract wins and on delivering sustainable growth.
“While market conditions remain competitive and delays in project awards remain a feature of the industry at the present time, we are in active dialogue with a number of prospective clients for new orders and the level of our tendering remains positive,” the report said.
“We have made significant improvements to our project execution throughout 2013 and this has continued during the last few months. All projects are progressing well, on budget and are expected to achieve timely deliveries,” the report continued.
The group’s net cash position at the end of December 2013 was around $180 million, significantly ahead of its expectations. The company said that this came as a result of a combination of hitting project milestones early and the timing of supplier payments. As a result, the company is experiencing a stronger working capital position than it had anticipated.
