UAE: Delayed Deliveries Lead to 1H Loss of USD 45 Million for Lamprell

Lamprell, a leading provider of specialist engineering services to the international oil & gas and renewables industry, made the following announcement:

Following the Company’s Trading Update of 7 June, the Company has been undertaking a further review of its financial position and as a result has now revised its previous forecast. As a consequence of additional costs arising from the delayed deliveries of the Windcarrier 1 and 2 projects, the loss at the half year is expected to be approximately US$ 45 million.

In addition, an extension to the timeframe for achieving direct overhead and corporate cost savings that were previously anticipated will impact the full year result. Revenue for 2012 is still anticipated to be approximately US$ 1.1 billion. However, the Company now anticipates a loss for the year in the range of US$ 12 million to US$ 17 million.

As a result of these anticipated first half losses, Lamprell will be seeking waivers from certain of its banks in relation to its banking covenants.

Deliveries of equipment for the jackup drilling rigs that the Company is constructing are currently being received in accordance with the revised delivery schedules.

[mappress]

Offshore WIND staff, July 26, 2012; Image: Windcarrier