Lamprell stays upbeat despite half-year loss

City A.M. Reporter
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.