LONDON Oct 3 Oil rig maker Lamprell
issued its fourth profit warning since the spring, prompting its
new chairman to say that changes to senior management were
United Arab Emirates-based Lamprell has had repeated
problems with a contract to deliver two windfarm vessels, which
has incurred spiralling costs, and said on Wednesday that it had
to defer revenues from a separate construction project.
The company said it was appointing external advisors to
assess the extent of the financial impact, but that its own
internal calculations indicated that its loss for the year would
be significantly greater than it previously expected.
In August, Lamprell had guided for a full year loss of
between $12 million and $17 million, after a torrid first-half
where it repeatedly warned on its results.
"I am extremely disappointed in the need to make this latest
trading update and feel that a refreshed management team will
bring a more focused sense of delivery to all our stakeholders,"
said Chairman John Kennedy, who was brought in to help lead a
turnaround in June.
It remained confident on cash flow and lending talks with
its banks continued, the company said.
Lamprell, which began 2012 in the FTSE350, has seen its
share price plunge around 70 percent since the first warning in
May. Shares closed at 110 pence on Tuesday, valuing the company
at around 286 million pounds ($462 million).
Broker Oriel was stoic, saying the news was a setback but
not really a surprise.
"The delivery of these (windfarm) vessels, together with the
change of management, could be a potential turning point for the
company," the analysts said.