OIL rig maker Lamprell reassured on its future yesterday, saying that its bid pipeline was positive and it was confident of the support of its banks after posting a loss in a torrid first-half marred by the impact of contract delays.
Lamprell, which this year has issued a series of warnings on its performance, said that it made a net loss of $47.1m (£29.8m) in the six months to 30 June, slightly higher than the $45m loss it forecast in July, after the cost of delayed deliveries of wind farm installation vessels.
Calling the results “a setback”, the UAE-based company said it expected to be able to restructure its agreements with its banks to avoid any breaches in the full-year period.
“The group’s order book remains at an historically high level of $1.5bn and bid activity remains positive across all our main businesses,” chief executive Nigel McCue said.
City A.M. Reporter