ShareCrazy.com: Hard Data, Harder Opinion

Date	Comment
26-08-10	26.08.10 :+0, (246.3) Royal Bank of Scotland nudges up Lamprell price target to 275p from 270p. The company has successfully rebuilt its order backlog and more than doubled it year-on-year to record levels. The quality of engineering, procurement & construction customer has materially improved and the business is diversifying into new markets. "We see upside potential to our, and possibly market, forecasts for '10 if Lamprell lands one of the large refurbishment jobs it is currently bidding for, thus boosting its 4Q'10 results, and/or it makes good progress on the Windcarrier new build units." Hold rating.
25-08-10	25.08.10 :-19.5, (250) HSBC downgrades Lamprell to neutral from overweight, citing the recent rise in the share price. However, it raises the target price to 305p from 290p, saying the business is on the right track and is benefiting from increased backlog.
24-08-10	24.08.10 :-1.8, (259) Panmure Gordon raises Lamprell target to 325p from 290p, saying "significant profits should be booked in subsequent years," resulting from its increased order book. Panmure raises its 2010 and 2011 net income forecasts to $44.7m and $59.1m, respectively, adding these are conservative and any further contract awards would result in additional forecast increases. Panmure also raises its 2010 and 2011 dividend targets to 11.4c and 13.0c following the reinstatement of Lamprell's interim dividend.
23-08-10	23.08.10 :-3.1, (260.4) Lamprell PLC said it is resuming its interim dividend at 3.8 cents, following a lapse in 2009, citing a good outlook after substantial contract awards and the resolution of the Riginvest GP contract. The provider of specialist engineering services to the international oil and gas and renewable industry said that since the start of the year it has secured over $850 million of contracts, inflating its order book to $836 million at July 31, compared with $417 million in July 2009. The company said that with no long-term debt, an order book that extends its visibility to the third quarter of 2012 and a bidding pipeline that currently exceeds $3.1 billion, it is confident of its long-term prospects. However, Lamprell warned that margins have and will continue to come under pressure as new market entrants from South East Asia have increased competition by offering to execute projects at extremely low prices and on very favorable payment terms. The company said it will continue to focus on "cost discipline" and will make changes to its operating structure with a view to reduce operating costs and improve efficiency. Lamprell reported a 26% jump in first-half net profit to $39.7 million despite a 27% fall in revenue to $189.3 million, which it attributed to an adjustment following the cancellation of a contract with offshore oil rig company Riginvest. The cancellation of the Riginvest contract created a material one-off accounting gain in the company's financial statements of $20.4 million. Chief Executive Nigel McCue told Dow Jones Newswires that the company expects to receive around $60 million from Riginvest within the next few weeks adding to its cash balance--$110 million at June 30. McCue said the company will use its cash to complete construction of its facility at Hamiryah, in the UAE, which slowed down last year due to the global financial crisis. McCue said phase two is expected to be completed by the end of the first quarter of 2011, adding there will be further expenditure through to the end of the year to complete the facility. McCue said Lamprell would keep its options open regarding the remaining cash. The company said despite lower levels of activity in the offshore construction market, it is confident of meeting management revenue expectations for the second half. McCue anticipates full-year revenue of around $460 million. Lamprell reported first-half revenue of $189.3 million, compared with $259.9 million in 2009 and net profit of $39.7 million, compared with $31.6 million. The company proposed an interim dividend of 3.80 cents. Evolution Securities analyst, Keith Morris said Lamprell's results were broadly in line with expectations and its transformation of the order book increases his confidence in strong growth in 2011. Morris added that any additional orders could lead to material upgrades. Morris has upgraded Lamprell to "buy" from "add" and raised the stock's target price to 325 pence from 300 pence.
23-08-10	23.08.10 :-3.1, (260.4) Lamprell's 1H results are in line with expectations, says Panmure Gordon. Notes underlying net income of $19.3M versus the brokerage's estimate of $19.8M. Says the results show the company has now turned a corner. Notes Lamprell has won three significant orders during the course of the year to date. Adds: "With an increasing amount of work, the group should be able to see higher utilization rates at its manufacturing facilities, which should allow a solid increase in profits." Keeps the stock at buy with 290p price target.
23-08-10	23.08.10 :-3.1, (260.4) Evolution Securities upgrades Lamprell to buy from add and target to 325p from 300p following the company's first half results this morning. Analyst Keith Morris says the transformation of its order book increases his confidence in strong growth in 2011, adding any additional orders could lead to material upgrades.
11-08-10	11.08.10 :-0.2, (270.3) Renewable energy company SeaEnergy PLC said it has moved a step closer to launching a marine services business for offshore wind farms after agreeing a deal with a maker of platforms that give technicians easy access to turbines. SeaEnergy, which is seeking a buyer for its wind farm development unit after deciding to focus instead on servicing wind turbines, said it signed an exclusive deal with Ampelmann, a maker of self-stabilizing platforms for ships. Aberdeen, Scotland-based SeaEnergy said it intends to use Ampelmann's platforms on X-Bow ships made by Norway's Ulstein designed to cope with rough seas. The combination will enable wind farm developers to give technicians access to turbines for maintenance all year round, regardless of conditions, SeaEnergy said. Access to offshore structures in challenging conditions is one of the key issues for the industry, said SeaEnergy executive chairman Steve Remp. SeaEnergy added it has also agreed to work with Ulstein to develop new vessels specifically designed for the offshore wind industry. The five-year deal with Ampelmann covers the U.K. territorial waters, the North Sea, the Irish Sea, the Baltic Sea and the English Channel. Analyst Ken Rumph at Nomura Code Securities said in a note to clients Wednesday that investors at a recent Nomura seminar on wind power identified services and vessels as the sector of the wind power industry most likely to provide the best returns. However, Rumph added that SeaEnergy's ability to develop its fledgling marine services business--it will need capital to lease and equip vessels--hinges on the successful disposal of its SeaEnergy Renewables Ltd. arm, which owns stakes in wind farm licenses off the U.K. coast. The company put the unit up for sale in June after investors balked at the funding needed to develop the licenses over the next few years. SeaEnergy isn't the only company eyeing a slice of the fledgling market for servicing turbines, which is forecast to expand as more turbines are built. Thousands of turbines are scheduled to be constructed off the U.K. coast alone over the next 10 years. In July, marine safety company Cosalt PLC (CSLT.LN) entered a joint venture with Danish engineering company APRO to provide safety inspection and maintenance services to offshore wind projects. Lamprell PLC (LAM.LN), an oil and gas engineering firm, has also expanded into the sector. It has won contracts to build vessels for installing wind turbines from companies including Seajacks 3 Ltd. and Fred Olsen Windcarrier AS. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=yDPl8Aoz%2FN%2Fulufzvnvzgg%3D%3D. You can use this link on the day this article is published and the following day.
02-08-10	02.08.10 :-7.6, (268.9) Lamprell shares are down in early trade in stark contrast to the rest of the sector, possibly due to its strong performance last week after its recent award with National Drilling Company, says RBC Capital analyst, Todd Scholl. He has a buy rating on the stock and a 264p target.
28-07-10	28.07.10 :+10.6, (264) Evolution Securities raises its Lamprell target price to 300p from 275p and keeps the add rating after the company announced a $317 million contract with Abu Dhabi's National Drilling company for the construction of two jackup rigs and additional equipment orders. Evo says the boost to orders and 2011/12 revenue is material. Lamprell's existing contract with Riginvest for a jack up under construction will be cancelled and the rig delivered to NDC.
28-07-10	28.07.10 :+10.6, (264) Lamprell PLC said it has received a $317 million contract to provide jackup rigs to National Drilling Company, or NDC--the drilling arm of ADNOC the national oil company of Abu Dhabi--with options for a further two rigs, worth $158.5 million each and exercisable up to 12 months from Aug. 1. Each option includes additional optional equipment orders valued at $12.6 million. Chief Executive, Nigel McCue told Dow Jones Newswires that this new contract brings the company's order book to around $900 million. He also said that while he is happy with the contract, he doesn't see it as sign of a broader recovery in the newbuild market, but more as a sign of the strength of some national oil companies. The provider of specialist engineering services to the international oil and gas and renewables industry said work on the first rig will start Aug. 1 with delivery scheduled for the middle of the second quarter 2012. One of the rigs being built for NDC was originally ordered by Norway's Riginvest in June 2008 for delivery in 2010. The value of the contract at the time was $186 million but Riginvest ran into financing issues and work on the rig was delayed, leaving Lamprell with a hole in its order book. Lamprell will repay Riginvest a portion of the contract advance it initially received upon termination of the original agreement which will end when the contract between NDC and Lamprell is signed. McCue wouldn't say how much the company would return to Riginvest, but did say it wasn't material. The cancellation of the Riginvest contract will create a material one-off accounting gain in the company's financial statements for 2010, Lamprell said, adding that the amount cannot be determined at this stage. McCue told Dow Jones the company would have a better idea of the amount around the time of its interim results which are due around the end of August. The rigs will consist of triangular hulls and three 310 foot truss type legs per rig, allowing drilling in depths of up to 200 feet of water with a rated drilling depth of 30,000 feet. J.P. Morgan Cazenove analyst Andrew Dobbing said putting this problematic legacy contract behind it will enable Lamprell to move into a new era of significant potential earnings security and growth, adding that he had anticipated a jackup contract this year and as such has left his 2010 forecasts unchanged. Dobbing has penciled in revenue of around $100 million from this contract in 2010 and $130 million in 2011. Based on announced contracts he estimates that 66% of revenue for 2010 ($431 million), 71% for 2011 ($509 million) and 47% for 2012 ($559 million) are now covered. Dobbing said that while the contract value is lower than the original $186 million for Riginvest, on a like-for-like basis it should be assumed the $12 million additional equipment will be included, and these are smaller units.
29-06-10	29.06.10 :-3.5, (217.2) Panmure Gordon raises Lamprell to buy from sell and boosts price target to 290p from 100p. Brokerage believes that Lamprell has turned the corner with its recent orders and this will lead to higher utilization rates and greater visibility. "With the increased profitability we can see increased cash generation, which leads us to increase our price target," it adds.
28-06-10	28.06.10 :+3.3, (226) HSBC upgrades Lamprell (LAM.LN) to overweight from neutral and raises price target to 290p from 220p. Expects the company to benefit from expanded UAE capacity as rig refurbishment activity improves. Says further growth is likely from Lamprell's $608M backlog in new build orders thanks to continued demand for specialized offshore vessels.
10-06-10	10.06.10 :+5.6, (195.3) Lamprell PLC, which provides specialist engineering services to the energy industry, said it expects more orders in the coming months and quarters, buoyed by its entrance into the offshore wind installation market. Chief Executive, Nigel McCue told Dow Jones Newswires Thursday that in the offshore wind installation market, Lamprell currently has over $1 billion bid on nine different vessels. He attributes the high levels of activity to the U.K.'s third licensing round, saying it has instilled confidence in a number of the operators which are looking at getting equipment for the 2012 North Sea installation season. McCue said the U.K. is currently the principal market for these vessels and he anticipates that there is a requirement for up to 25 more wind installation vessels by 2015. Lamprell is experiencing quite a lot of interest, he said, adding, "I think we will be seeing more orders in the coming months and quarters." Despite the growth, Lamprell is also seeing more competition, particularly from Korean yards hit by the collapse of the shipping markets, he said. "What has been encouraging for us is that we have been able to win contracts whilst not being a low bidder, highlighting our reputation as a quality yard".
29-03-10	29.03.10 :-11.9, (246) Lamprell PLC reported a steep decline in 2009 net profit to $28.4 million which it blamed on a higher percentage of lower margin contracts and lower demand in the energy industry, but said an expansion into new operating markets will drive growth. Chief Executive Nigel McCue told Dow Jones Newswires that the company is expanding its operations into the offshore wind-farm market, adding that the recent Fred Olsen contract shows its commitment to the sector. Lamprell currently has a bid pipeline of over $1 billion on nine vessels and is experiencing lots of interest from new entrants for newbuilds, McCue said, adding that he expects this to continue for quite some time. He also said another new market for Lamprell is rig engineering work for Middle-East National Oil Companies, or NOC's, and the company will focus on expanding its presence in this market throughout the coming year. However, he said there is continuing oversupply in the jack-up rig market, although the firm has seen a strengthening in the premium end recently with day rates starting to rise. McCue also said he doesn't expect an increase in jack-up rig newbuilds in the next 24 months, but does feel that NOC's have entered the market and will continue to do so, with the Middle East again being a key focus for Lamprell. The international energy services provider made a net profit of $28.4 million for the year ended Dec. 31, 2009 on revenue of $425.5 million compared with $85.5 million and $740.8 million respectively a year earlier. It has also declared a lower final dividend of 2.6 pence compared with 3.2 pence. Finance Director Scott Doak, said the lower net profit margin was due to a change in the mix of contract awards, with a greater number being in Engineering, Procurement and Construction which traditionally carry lower margins than rig refurbishment and Floating Production Storage and Offloading, or FPSO contracts. Doak said the net profit margin for EPC contracts was actually higher than the previous year, due to better performance in contract execution and the positive effect of cost cuts. Evolution Securities analyst, Keith Morris said that margins held up better than expected despite lower activity and Lamprell is looking for better revenue in 2010, but warned it faces higher competition especially for EPC contracts. Morris has maintained an "Add" rating on the stock but increased the target price to 275 pence, from 250 pence on the back of the more positive outlook.
10-02-10	10.02.10 :-0.5, (223.4) McCall, Aitken, McKenzie & Co raises Lamprell to buy from hold and increases its target price to 280p from 158p, driven by the increase in order backlog and increasing revenue visibility. Macamac speculates Lamprell is bidding on a further 7 contracts in the offshore wind sector. Upgrades 2010 EPS forecast 20% to 26.5c and for 2011 by 35% to 31.7c.
10-02-10	10.02.10 :-0.5, (223.4) Citigroup raises Lamprell target to 300p from 200p, driven by the new contracts and higher optimism going forward. Notes Lamprell has received two significant new contract awards for offshore turbine installation vessels from Windcarrier, for a total sum of $320.4M. Citigroup says these were anticipated, yet were recently doubted by the market and were only partially reflected in the brokerage's estimates. Raises '10 EPS estimate to 25p from 20p. Brokerage notes Lamprell's strong execution track record, improving customer payment situation, dividend recovery prospect and net cash position. Reiterates buy rating.
15-01-10	15.01.10 :-2.7, (200.5) announces it delivered its first new build tender assist drilling barge--BassDrill Alpha--to BassDrill Alpha Ltd. on Thursday and has now received the final payment of $60 million. The final payment includes $55 million cash and 28 million BassDrill shares, representing 20% of BassDrill. Westsouse Securities said Lamprell's announcement was only confirmation of the previously announced settlement of this contract and still expects the trading environment for Lamprell to remain challenging. Westhouse maintains a "Sell" rating on the stock.
23-12-09	23.12.09: -2.1, (184.3) an article in the Times reports: Lamprell rose 8.2p to 182.1p amid hopes that the recent private equity purchase of Seajacks could prompt orders for its jack-up liftboats used in wind-farm installation.
30-11-09	30.11.09 :-8.6, (177.6) Evolution Securities raises Lamprell target price to 150p from 125p. Evolution says the conclusion of the final payment with BassDrill removes a substantial uncertainty relating to the existing contract. However, the brokerage says it remains cautious on the speed of the recovery in the new-build rig market until such time as Lamprell translates its many bid enquiries into something more tangible. Evolution keeps a reduce recommendation.
30-11-09	30.11.09 :-8.6, (177.6) McCall, Aitken, McKenzie & Co reiterates its sell rating and 158p target price on Lamprell (LAM.LN). Says Lamprell will find it difficult to win new build contracts due to increased competition, over supply and soft financing in the marketplace. Smaller FPSO and refurbishment contracts will not be enough to sustain order book at current levels. Says further deterioration of the order book removes the medium term visibility and increases uncertainty. Recommends selling into the rally.
30-11-09	30.11.09 :-8.6, (177.6) Citigroup raises Lamprell to buy from hold but cuts target price to 200p from 225p. The brokerage notes the stock is down 20% since its update Nov. 19 and on Dubai World concerns. Says this weakness should be used as a buying opportunity ahead of possible near-term project awards. Citigroup says "material contract awards in liftboats and Oil & Natural Gas Corp. (500312.BY) offshore construction could serve as strong catalysts." Says it believes the company's Dubai risks are exaggerated.
19-11-09	19.11.09 :+6.8, (204.8) Lamprell's disclosure that it has agreed a reduced payment of $60 million for a barge from customer Bassdrill is "a horrible bolt from the blue," says Hanson Westhouse director Malcolm Graham-Wood. Adds the company says it is still in talks about payment with another customer and without significant orders the stock is overvalued. Rates sell.
23-10-09	23.10.09 :-4, (223) McCall, Aitken, McKenzie downgrades Lamprell to sell from hold and gives a target price of 158p, saying its main concern with Lamprell is the declining backlog which had fallen to $417 million worth of contracts at its interim results on August 26. The recent announcement of three refurbishment awards is welcome news however the contract values are relatively small, compared to new build and further evidence of more awards is needed for a more positive near-term view, says analyst Mark Breslin.
15-09-09	15.09.09 :+9, (170.5) announces it has secured contracts from three key clients worth $52 million. The largest contract with Noble International Ltd. is worth $20.4 million. Lamprell will make and install three 309 feet legs for the David Tinsley jack-up rig. The rig can drill wells up to 25,000 feet in water depths of up to 300 feet. Lamprell has also secured an $18.1 million contract with Saipem Energy Services S.p.A to build six process modules, pipe-rack sections and interconnecting pipe spools for the Aquila Phase 2 Floating Production, Storage and Offloading Project. The third deal, with Transocean Investments, is for a rig refurbishment and is worth $13.4 million to Lamprell. Lamprell Chief Executive Nigel McCue said the deal with Saipem is the firm's first floating production, storage and offloading contract since July 2008. Analysts at broker Panmure Gordon & Co. said this is good news for the company as they had become concerned about Lamprell's order book, and hence earnings over the next year. Still, they maintained a "hold" rating on the stock with a target price of 100 pence, saying they want to see further growth in Lamprell's order book yet before they would have confidence to move the stock to a "buy". Lamprell is currently bidding for nine new orders with a combined value in excess of $1.4 billion, Panmure analysts added. They said they expect Lamprell to pick up business in rig refurbishment, its core area, but said new orders for liftboats, which are in demand for offshore installations like wind farms, will be key. Evolution Securities said that the contract wins, though small, should keep the company "ticking over". A new-build rig contract would be a real driver for the shares, but Evo said it remains cautious on the timing of the recovery of the new-build rig market. Evolution has a target price of 100 pence and rates the stock as "reduce". Also Tuesday, in another sign orders in the oil and gas services sector are beginning to pick up, KBC Advanced Technologies PLC (KBC.LN) said it secured a $9 million contract to operate and maintain a Vietnam oil refinery.
14-08-09	14.08.09 :-4.25, (116.25) Royal Bank of Scotland lifts Lamprell price target to 80p from 55p, reflecting the sector re-rating. However, says an absence of new-build contract wins from Lamprell casts doubt over market forecasts for '09/'10. Expects the 1H '09 results to show significant year-on-year declines. Elsewhere, sees good progress on costs. Notes management has made significant headcount cuts, particularly on temporary labor and the Hamriyah capital expenditure program has been slowed. Says the major procurement review process could yield material benefits in the medium term. Keeps at sell.
29-07-09	29.07.09: -2, (110) an article in the Times reports: Lamprell fell 3p to 112p after reports in the business press in the Middle East, where the company has substantial operations, that it is delaying several projects because of a tight debt market and a slowdown in demand for new jack-up maintenance rigs.
31-03-09	31.03.09: +7.25, (66) an article in the Times reports: Lamprell fell 8.25p to 57.25p as weak results raised questions over the strength of its order book.
30-03-09	30.03.09 :-7.75, (57.25) the oil and gas services company slashes its final dividend by 74 percent and expresses caution over its outlook, in the wake of a 2009 profit warning on March 20. A slowdown in refurbishment work is expected in second half 2009 and weaker opportunities for new build jack-up/FPSO related work, says RBS in a note. "The backlog at $600 million extends into 2010 and, while there have been no cancellations to date we view certain projects within this backlog with uncertainty," RBS says. The broker keeps its "sell" recommendation on the stock.
20-03-09	20.03.09 :+10.75, (70.25) the oil and gas services company warns its 2009 results will be materially below market expectations after a market slowdown in recent weeks. Analyst Keith Morris at Evolution Securities, who moves to "reduce" from "add" on the stock, cuts his 2009 numbers from flat revenue to down 20%. "However, the change in the numbers is not the real story -- the real story is that the new build rig market is likely to remain depressed for some time due to overcapacity of rigs and poor day rates," he says.
04-02-09	04.02.09 :+7.75, (82) HSBC initiates its coverage on the stock with an "overweight" rating and 190 pence target price. "We think a focus on near-term macro issues masks the potential for oil decline rates to accelerate and for prices to recover," says the broker in a note. HSBC says although it sees exploration and production capex don around 10 percent this year, "off shore exposure should be a relative winner".
23-01-09	23.01.09 :-3, (82) RBS cuts its stance on the European oil equipment & services sector to neutral from overweight. It cuts Lamprell Plc to reduce from hold, cuts Petrofac Ltd to hold from buy and cuts John Wood Group PLC to hold from buy.
05-01-09	05.01.09 :+8.5, (128.5) Citigroup repeats its "buy" rating, saying it is a "very high quality company". Citigroup argues Lamprell has an excellent execution track record, strong growth and a high level of visibility well into 2010, and no debt, but says this has not been enough for some. The broker says Lamprell, which has lost over 70 percent of its value since the start of September 2008, has suffered as traders focus on the potential for clients to default on payments, the outlook for newbuild orders and the state of the jackup market. This leads Citigroup to cut its target price 200 pence from 450 pence and downgrade its earnings estimates for 2009 and 2010.
14-11-08	14.11.08 :+13.25, (162.5) shares in oil and gas services groups rise after Singer Capital Markets names four British companies who have the ability to withstand the industry's likely cut in spending due to the falling oil price. "There is concern in the market that the steep decline in oil prices will lead to a reduction in capital expenditure from the industry which will lead to a dramatic reduction in oil service sector earnings," say Singer analysts. "However, our favourite plays in oil services are Hunting, Lamprell, Wellstream and Wood Group.
29-07-08	29.07.08 :+23, (461) Panmure Gordon has upgraded its recommendation on Lamprell Plc to 'buy' from 'hold', whilst repeating its 520 pence target price, on valuation grounds, traders said. In a note to clients on Tuesday, Panmure Gordon said the shares have slumped 19 percent from the average level seen in June, which is twice the average seen by it UK and Singapore peers. The broker said visibility over the short-term direction of the oil price is a challenge, but Lamprell has no debt, 65 percent sales visibility for its 2009 sales estimates and contracts in the pipeline look secure.
22-07-08	22.07.08 :+3.75, (433.75) RBS initiated the group with an 'add' stance and a price target of 475 pence, market sources said. In a note published this morning, RBS said that it thinks Lamprell deserves a premium rating to its peer group given its leading market position, significant growth potential and strong free cash flow generation.
25-06-08	25.06.08: +13, (568) an article in the Times reports: Lamprell rose 25.5p to 560p on news it had signed a large contract to build new oil rigs.
19-06-08	19.06.08 :-11, (535) Citigroup has cut its rating on Lamprell Plc. to 'hold' from 'buy' and raised its price target on the stock to 550 pence from 480 on valuation grounds, according to dealers. In a note, the broker said shares in the provider of specialised services to the oil and gas industry have strongly outperformed in the last three months, rising around 60 percent against a sector move of 19 percent. This prompts its downgrade to 'hold'. It said an improved outlook for the drilling market and further expansion plans appear to have helped to secure consensus expectations, but although Lamprell has a solid flow of orders and strength in its traditional lines of business, it thinks more visibility is needed. It cut its earnings per share estimates for Lamprell by an average of 10 percent to reflect a slower phasing of growth options. But looking ahead, Citigroup said it sees potential for upgrades after 2009, once it has more visibility on order flow for the new Hamriyah land facility and Sattahip refurbishment facility.
23-05-08	23.05.08 :+0, (516.5) slightly higher midafternoon after Panmure Gordon upped its target price to 470 pence, from 440, while reiterating its 'hold' rating. Lamorell shares are up 57 percent in the last year. Although Panmure, in a note, said the shares were "overdue a correction" it said it cannot rate Lamprell a 'sell' for three reasons. The first was that it is a macro play on the oil price. Secondly, dedicated funds are short of industrial exposure in the Middle East, said Panmure. Thirdly, the stock is set to join the main market during the fourth quarter. In the short term, however, Panmure said it sees profit taking related to the sector, related to the run-up to the valuation, and related to the likely delay in new build contracts. This should give fundamental investors an opportunity to re-visit the stock at sensible levels, it said. The broker said it raised the target price to account for Lamprell's Thai expansion. Panmure cut its rating on Lamprell to 'hold' from 'buy' in April.
23-05-08	23.05.08: +0, (516.5) IC says Buy (526p): BULL POINTS Dominates a booming market - Impressive order book - Strong track record - Will move to full list this year BEAR POINTS Shares rated in line with similar companies - Staffing constraints.
22-04-08	22.04.08 :+1, (445) a touch lighter in morning deals after Panmure Gordon downgraded the oil services group to 'hold' from 'buy' on valuation grounds, but raised its price target to 440 pence from 430, according to traders. In a research note published Tuesday morning, Panmure told clients it has cut its recommendation on Lamprell but raised the price target following a run-up in the share price. The broker said it believes the stock has now caught up with a more bullish outlook after news of more orders from Scorpion Offshore. It added it has raised earnings estimates for the oil services by 6 percent for 2008 and by 2 percent for 2009, but said some uncertainty over how the new capacity kicks in during 2009 rules out further rises in estimates for the time being.
26-03-08	26.03.08 :+35, (405) higher in early morning trade after posting results which beat market expectations, with Seymour Pierce, Evolution Securities and Panmure Gordon reiterating their 'buy' stances, market sources said. In a final results statement this morning, Lamprell reported a higher full-year net profit as revenues grew 41.8 pct, and said the current year has started well, with further contract wins and projects progressing across several fronts. For the year ended Dec 31, 2007, the company posted a net profit of 71.55m usd, compared with 33.82m usd a year earlier, as revenues grew to 467.33m usd from 329.59m. In reaction, Seymour Pierce said Lamprell had announced a strong set of final results. The broker added that the group's balance sheet remains strong with net cash of 159.1m usd slightly higher than expected due to a larger-than-expected in-flow from working capital. Elsewhere, Evolution Securities said that Lamprell had shown strong growth and its earnings-per-share forecast was ahead of the broker's expectations. Evolution Securities has a price target of 490 pence on the group. Panmure Gordon said that Lamprell's results were ahead of expectations. The broker has a price target on the group of 430 pence.
18-02-08	18.02.08 :+1, (389) Panmure Gordon offered support by upgrading its view to 'buy' from 'hold' and increasing its price target to 430 pence from 385, according to dealers. In a note this morning, Panmure Gordon said following some due diligence it believes the likely takeover of Lamprell's key new build client Scorpion Offshore by Fortune Super Equity Management should increase the likelihood that new build options for jack-up rigs are exercised. The broker thinks some of these new build orders are likely to go to Lamprell, given the existence of the options and given that there is a relationship between the parties. This combined with a rally in rig builder stocks in Asia, led the broker to upgrade Lamprell.
15-02-08	15.02.08 :+18, (388) Citigroup has upgraded Lamprell PLC to 'buy' from 'hold' with a maintained price target of 480 pence, market sources said. In a note published this morning, Citigroup said that Lamprell announced on February 13 a 51m usd jackup upgrade contract win. The broker added that while it leaves its numbers unchanged, this increases revenue visibility in 2008 for the group, and boosts confidence in forecasts. Citigroup said that performance across all business areas continues to be strong and following share price weakness, it is upgrading the group.
14-02-08	14.02.08: +17.75, (370) an article in the Telegraph reports: Lamprell fell 5.75p to 352.25p on news it is to revamp its board ahead of its moving from AIM to the LSE main market later this year. It is likely locate to the FTSE 250 index.
29-11-07	29.11.07 :-24.5, (353) Citigroup has downgraded Lamprell PLC to 'hold' from 'buy', cutting its target price on the stock to 390 pence from 490 pence, saying it thinks currency issues could squeeze profit margins. In a note today, the broker said its economists think there is a strong chance that Gulf Cooperative Council currencies will de-peg from the US dollar and revalue. Citigroup said it expects a 4-5% revaluation, up to a maximum of 10 pct, noting that although Lamprell mainly bills in US dollars, it thinks the company has about 50% of costs denominated in Arab currency dirham. The broker said it thinks a revaluation of the dirham could squeeze profit margins, estimating that earnings per share (EPS) could fall by up to 15% on a 5% revaluation and by 30% on a 10% revaluation. EBIT margins could also be reduced by 400-600 basis points in a worst-case scenario, with no mitigation, thinks Citigroup. But it said short contract lead times mean increased costs should pass onto customers quickly, and also limit spillover into 2009. The broker said revaluation revisions of either 5% or 10% will most likely lead to 2008 EPS cuts of 8% and 15% respectively, at best implying flat earnings growth in 2008. Citigroup added that this scenario adds significant risk to the investment case, implying that a sector multiple is probably the best Lamprell can command at present.
23-10-07	23.10.07 :+15.5, (443) Citigroup has started Lamprell PLC with a 'buy' stance and 490 pence target price, according to traders. In a note published this morning, Citigroup said that Lamprell has grown sales and net income at a compound annual growth return of 67% and 112 pct, respectively, since 2003, due to strong end-market demand. The broker added that it believes the key drivers of this growth for the group are still in place.
31-08-07	31.08.07: an article in the Times reports: Lamprell fell 1p to 375p despite speculation that its forthcoming results would prompt upgrades. Arden Partners has a buy recommendation on the shares.
12-04-07	12.04.07: +8.25, (293.75) an article in the Times reports: Lamprell rose 3.75p to 287.75p amid talk that today's maiden figures from the group would beat expectations.

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