- Oil rig construction company Lamprell said it expected earnings to 'broadly' break-even as cost cuts helped to offset the Covid-19 impact in the first half of the year.

Revenue in the first half of 2020 was expected to $142m, and, with the cost-cutting measures put in place earlier this year, the group anticipates to be broadly earnings EBITDA break-even in the first half of 2020, the company said.

Following the two new project wins in the first half of 2020, the backlog at 30 June 2020 had increased to $580m from $470m at 31 December 2019.

As a result, the backlog for 2020 was now $325m and $400m for 2021.

Cash increased to $71.4m at 30 June 2020 from $42.5m at 31 Dec 2019 despite the impact of Covid-19 and lower oil prices.

'The proactive actions we have taken on costs, and an active bid pipeline with exposure to buoyant regions in both oil & gas and renewables, provide us with confidence that we are successfully navigating the challenges of COVID-19 and the industry downturn,' the company said.

At 9:40am: [LON:LAM] Lamprell PLC share price was +1.65p at 24.1p

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