Just when fund managers began to think that it was safe to dip their toes back into the water and that the worst was definitely over for Lamprell, wham! The Dubai-based oil rig maker rolls out its third disastrous profit warning this year and the shares crash 38.5p or 31 per cent to 84.75p after touching an all-time low of 67p.
Not only did it forecast its first-ever loss as a public company, because of higher costs and delayed deliveries, but it worryingly said it would be seeking waivers from its lenders.
Lamprell had forecast a loss of between £10m and £13m in June, but it now expects additional costs from delayed deliveries of wind farm installation vessels to push it to a loss of £29m for the period.
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