Lower demand for offshore construction and repair services hits UAE firm
First-half profits at UAE-based oil and gas engineering services firm Lamprell fell 34 per cent from a year before, following lower demand for offshore construction and repair services.
“These remain challenging times for the sector as a whole and, as expected, we continue to see a lower level of rig refurbishment and offshore construction activity, mainly in the
area of floating production, storage and offloading contract awards than in the same
period last year,” said Nigel McCue, chief executive officer at Lamprell.
Net profits at the firm were $31.6m, down from the $47.8m recorded in the first six months of 2008. Revenues for the first half were $259.9m, down 18.2 per cent from $318.2m a year before.
Booked orders for the company’s services totalled $417m in June 2009, down 49 per cent from $818m in 2008, although prospective orders were at their highest level in Lamprell’s history, McCue said.