Lamprell cuts earnings forecast

LONDON: Oil rig builder Lamprell Plc said it expected 2017 earnings to be materially below market expectations, hurt by losses stemming from a contract for an East Anglia offshore windfarm project. The company received a contract in 2016 from ScottishPower Renewables for making parts for the East Anglia One windfarm in the North Sea. “There were start-up costs and inefficiencies in relation to the project and the learning curve has proven to be steeper than anticipated,” the company said. Lamprell, which said it was working with its client and the supply chain to mitigate the additional costs, expects 2017 revenue to be in line with current guidance. — Reuters