The company posted pretax profit of
"Although we were building a similar number of jack-up rigs in both the first half 2014 and the first half 2013, due to the phasing of construction and the low percentage of completion on four rigs in the first half 2013, the six months to
Gross margin increased to 13.6% from 9.1% a year earlier.
Looking ahead, the company said with the delivery of five major projects already this year and a number of new projects at a very early stage of construction, the business will experience lower revenues levels in the second half.
"This is being driven by the timing of build cycles for the major projects, in particular where cycles for the new build jackup rigs coincide, and the lower revenues from the onshore and offshore construction market,"
Nevertheless, the company expects that the outturn for the full-year will be ahead of expectations, with a heavy weighting towards the first half of the year.
The company said it will not pay an interim dividend but recognises its important. Therefore the group said it will seek to review and restore payment of a dividend at the "most appropriate time".
The stock was trading down 0.8% at
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