Lamprell reports loss, overhaul announced

Lamprell, a provider of engineering services to the international oil & gas and renewable industry based in the UAE, reported a half yearly loss and suspended its dividend payment following contract supply delays and a series of contract issues.

Lamprell, a provider of engineering services to the international oil & gas and renewable industry based in the UAE, reported a half yearly loss and suspended its dividend payment following contract supply delays and a series of contract issues.

The oil rig engineer, which has issued a string of profits warning after cost overruns on key projects, said changes are being introduced across the business, which include management reorganisation and the implementation of improved processes, systems and controls.

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