Sharjah rig firm's profits rise

26 March 2008

Lamprell, a Sharjah-based drilling rig engineering firm, saw its net profit increase by 51 per cent in 2007 to reach $86.2m on the back of strong growth in its Middle East business.

The company, which is building a new deep water rig construction facility in Sharjah’s Hamriyah free zone, mobilised four rigs for Saudi Aramco and expanded the business to include engineering, procurement and construction projects.

Lamprell, which is currently listed on London’s junior AIM stock market, expects to complete a move to the main London market by the end of this year, in order to widen its shareholder base.

The company’s chief executive Peter Whitbread, says it expects to win more work in Saudi Arabia as the kingdom looks to ramp up its oil capacity.

“Saudi Aramco is one of the big drivers in the region and we expect to keep winning business there,” says Whitbread.

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