Lamprell projects bigger loss for 2012

Rig maker Lamprell this morning warned that its losses for the full year would increase significantly, with a gradual return to profit expected next year.

The company, which has issued four profit warnings this year, anticipates a total loss of $105m (£66m) for this year as a result of delays to projects, up from a previous projection of between $12 and $17m.

Lamprell said in a trading statement that it was in talks with its banks to seek a waiver to certain banking covenants.

The forecast losses follow a review of the business, which assessed how the delays to projects would impact Lamprell’s financial position.

Three executives stood down last month, following Lamprell’s latest profit warning.