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Lamprell to Make "Significant Loss" on UK Wind Farm Project
Att.Editors: The following item is from the Emirates News Agency (WAM)

LONDON,Dec 1 (WAM) - The United Arab Emirates (UAE)-based oil rig builder Lamprell has announced that it expects to make a "significant loss" on work for the East Anglia One wind-farm project in the British North Sea.

The company, whose main facilities are at Hamriyyah, Sharjah and Jebel Ali, won a US$ 225 million (AED827 million) contract last year from Scottish Power Renewables for the fabrication and supply of 60 jacket foundations and accompanying piles for the project, with delivery due to take place between March and October next year. The contract was a first major step by Lamprell into the renewable energy business.

In a press release issued yesterday, the company said, "As announced previously, there were start-up costs and inefficiencies in relation to the project and the learning curve has proven to be steeper than anticipated. We remain confident of meeting our client's expectations in terms of schedule and quality but we will incur extra costs to achieve this. As a result, we now expect the project to make a significant loss, which will be booked in 2017."

The company will make an announcement in due course about the financial impact but expects earnings for this year "to be materially below market expectations," the statement said. (WAM) (END/2017)


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