Results round-up

Independent oil and gas exploration and production company Gulf Keystone Petroleum announced its results for the six months to 30 June on Thursday, with revenues of $102.1m recognised during the period, up significantly from $30.1m in the first half of 2015.

The London-listed firm said that figure included $51.2m recognised in relation to a part of the previously unrecognised revenue arrears, and $50.9m for first half liftings.

Cash spend on capital items was $15.7m, compared to $52.2m, and gross operating costs per barrel were $4.00, down from $5.00 in the first half of last year.

Gross profit for the period was $25.8m, due to recognition of revenue relating to prior years' liftings, although there was an impairment of $40.0m following the relinquishment of the Sheikh Adi and Ber Bahr blocks.

Gulf Keystone posted a loss after tax for the period of $59.9m, narrowing from $77.7m.

“Upon completion of the restructuring we will be able to effectively relaunch Gulf Keystone,” said CEO Jón Ferrier.

“We will benefit from an enhanced balance sheet, a well understood field which continues to perform above expectations and a clear path to significantly increasing production and growing value over time.

“With a regular payment schedule, Gulf Keystone will be in the strongest position it has been in for a number of years and faces the future with renewed confidence."

UAE-based oil rig maker Lamprell reported a rise in first-half revenue but said it swung to a loss, partly as a result of its settlement with Ensco.

In the six months to the end of June, revenue rose to $451.3m from $351.4m but the company swung to a loss from continuing operations after tax and exceptional items of $4.4m from a $20.3m profit in the first half of last year.

Lamprell said the Ensco settlement reduced revenue by $25m and net profit by $35m.

The company said it expects full-year revenue to be slightly below analysts’ forecasts due to the settlement with Ensco for late delivery of a rig. It is now expected to be in the range of $400m to $500m depending on the outcome of a number of submitted bids awaiting award.

Executive chairman John Kennedy said: “Lamprell's substantial order intake two years ago meant that the business saw high activity levels and a solid underlying financial performance during the first half of the year although the results were impacted by the delay in delivery of the Ensco 140 rig. In addition, the industry downturn has continued to affect the sector and Lamprell's ability to win new contract awards during the period.

“However, the board has full confidence that Christopher McDonald, the incoming chief executive, will lead the business through the short and medium term difficulties ahead by maintaining Lamprell's competitive position, converting our bid pipeline and developing strategic partnerships."