Lamprell said Thursday performance was in-line with revenue guidance on the back of a strengthened order book.
The backlog increased from $61.7m at the end of the first half 2018 to around $540m as at 31 December 2018 and the bid pipeline grew to approximately $6.4bn from $4.1bn last year.
Against the ongoing, difficult energy industry backdrop, the group said it was 'pleased' to end the year with two contract wins: USD200m+ contract award from GeoSea Procurement & Shipping and a Letter of Intent from IMI.
The company said it anticipated the first opportunities from the Saudi Aramco's LTA programme to materialise in 2019.
Revenues for 2018 are expected to be consistent with previous guidance at around $235m, the company added.
'We finished the year with a major renewables project added to our order book and two new build jackup rigs committed for construction at Lamprell's yards in the UAE,’ Christopher McDonald, Chief Executive Officer.'
'The quality and size of our bid pipeline is improving and we look forward to adding further significant projects as part of Saudi Aramco's LTA programme during the course of the year. Given the ongoing uncertainty in the industry, this reconfirms our confidence that Lamprell's strategy will deliver growth for the business from 2019 onwards.'
At 9:30am: (LON:LAM) Lamprell PLC share price was +0.85p at 56.85p