August 29, 2013 / 6:42 AM / 4 years ago

Lamprell returns to profit but warns on 2014 revenue

LONDON, Aug 29 (Reuters) - Oil rig maker Lamprell returned to profit in the first half of 2013, bouncing back from crushing losses in 2012, but warned that new contract wins had been slow and revenue would be down next year.

Lamprell posted profit before tax of $10.1 million compared to a $50.8 million loss in the same period last year.

Revenue was broadly flat at $521 million.

“The business has been reinvigorated and Lamprell will be looking to take further steps for a positive and sustainable future,” John Kennedy, non-executive Chairman at Lamprell, said in a statement.

Lamprell posted a $105 million loss for 2012 in what it described as the most challenging year in its history, as it expanded into riskier areas, such as wind turbine vessels, where operational difficulties led to a series of profit warnings.

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