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Lamprell's revenue falls 65 percent, cuts full-year forecast

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Lamprell's revenue falls 65 percent, cuts full-year forecast

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(Reuters) – Oil rig builder Lamprell Plc <LAM.L> reported a 64.7 percent fall in revenue in the first half of the year and cut its full-year forecast, hurt by lower activity levels across the industry. The company said it expected revenue for 2017 to be in the range of $370 million (272.52 million pounds) to $390 million, as it saw continuing low levels of walk-in work. Lamprell had forecast full-year revenue to be in the lower half of the $400 million-$500 million range in March. Lamprell, which runs three rig building yards in the UAE, said revenue fell to $159.2 million in the six months ended June 30 from $451.3 million a year ago.

(Reporting by Arathy S Nair in Bengaluru; Editing by Gopakumar Warrier)
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