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UAE-based energy services company Lamprell said 2021 revenues rose 15 percent year-on-year to $389 million.
In an unaudited trading update the London Stock Exchange-listed company said net cash as of 31 December 2021 was $53 million.
Lamprell said the COVID-19 related lockdowns and travel restrictions affected productivity and supply chains resulting in both additional costs as well as rephasing of project delivery schedules. "This impacted revenue recognition, whereby certain project milestones were moved to 2022, and affected full year EBITDA."
Bidding activity rose in 2021, with the company seeing total pipeline of opportunities across renewables and oil & gas rise to 7.9 billion in 2021 from $6 billion in the year-ago period.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
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