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UAE- Lamprell expects full-year loss at USD105m

19 Nov 2012

(MENAFN) Lamprell Plc, the oilrig maker, stated that it forecasts to post a full-year loss of nearly USD105 million, due to ongoing troubles in some projects, reported Reuters.

The new figure is 7 times bigger than the earlier forecast of a loss of between USD12 million and USD17 million.

Currently, the company’s loss from the Caspian Sea jack-up project is USD25 million, due to low labor productivity and restricted availability of equipment at a third-party facility.

It is worth noting that the latest loss-forecast comes after an evaluation carried out by an external accountancy and consultancy firm appointed by the company to commence an appraisal of the expected outturn on certain major projects and their impact on its financial position.

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