Oil rig tycoon nets £265m in London listing

Steven Lamprell, the high-living British oil services tycoon based in Dubai, has made £265m after selling a majority stake in his company through a London listing.

The company, Lamprell plc, builds, repairs and maintains offshore oil rigs for companies in the Arabian Gulf region, where it has a dominant market position. The oil services sector has enjoyed a boom in demand as oil producers have scrambled in recent years to take advantage of the oil price by ramping up exploration and output.

The float, on the Alternative Investment Market, valued the business - 100 per cent owned by Mr Lamprell - at £390m.

Mr Lamprell, 56, founded the company in 1974 and took up residency in Dubai shortly afterwards. In Dubai he is also known for his racehorses, polo-playing and throwing parties in his yacht. The flotation will make him one of the richest expatriates in the Emirate.

After yesterday's listing, Mr Lamprell, president of the company, has a 32.3 per cent left, worth £126m. He has not been involved in the day-to-day running of the company for 10 years but has acted as an ambassador for it, in particular fronting Lamprell's relations with the royal family and the bureaucracy in the United Arab Emirates. He will continue in this role but will have no position on the board.

Lamprell's growth over the past three years has been helped by adding additional capacity with the opening of a new facility in Dubai, in the Jebel Ali Free Zone. The company also has facilities in Port Khalid in the Emirate of Sharjah.

Revenues almost tripled from 2003 to 2005, increasing from $70.4m (£39m) to $205.5m. In this period, operating profits have increased fivefold, from $5.6m to $28.7m. Lamprell shares closed down 1p at 194p.

Peter Whitbread, Lamprell's chief executive and chairman, said he was surprised at the downbeat perception of market prospects that he had encountered among London fund managers. "The nervousness in the investment community does not reflect [reality of] the position in the Middle East. For us, we are in a tremendously buoyant position, which is long term," he said.

He added that the huge investment programmes in Saudi Arabia and Qatar were not dependent on the oil price. The company also sees growth coming through as a result of its increasing focus on providing deep-water facilities - oil companies have had to turn to deeper water, as easier deposits in shallow water have already been exploited.

PROMOTED VIDEO
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Training/Learning and Development Coordinator -London

£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...

Training Programme Manager (Learning and Development)-London

£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...

.NET Software Developer (.NET, C#, ASP.NET, front-end)

£30000 - £45000 per annum: Harrington Starr: A Global Financial Service Organi...

C# Web developer (C#,MVC,ASP.NET,SQL)

£30000 - £40000 per annum + Bonus+Benefits+Package: Harrington Starr: C# Web d...

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried