British oil-rig builder Lamprell forecast a bigger drop in full-year revenue on Thursday, partly due to delays in major project awards, sending its shares down 9 per cent.
The UAE-based company said it expects 2018 revenue of $225 million to $300m, implying a drop of about 30 per cent at the midpoint of the range from the $370.4m it reported for 2017.
In September, Lamprell forecast a 10 per cent drop in revenue for 2018.
Lamprell, which called 2017 the "toughest year yet", said it expects major project awards to be pushed out to late 2018 and reiterated its expectation to grow revenue only in 2019.
The company, however, said its bid pipeline increased to $3.6 billion from $2.5bn at the end of 2016, as its expansion into renewable energy starts to pay off.
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Read more:
Lamprell to book big loss in 2017 on windfarm costs
UAE yards to benefit from Lamprell role in $5bn Saudi maritime project
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The firm has been expanding into renewable energy to bolster its business as it struggles with oil explorers cutting spending and cancelling contracts to cope with weak oil prices.
Lamprell, which runs three rig-building yards in the UAE, reported loss before interest, tax, depreciation and amortization of $70.5m for the year ended December 31, compared with a profit of $30.6m, a year earlier.
The company reported total losses on its East Anglia One (EA1) offshore windfarm project in the UK of about $80m because of mounting costs.
Lamprell's shares fell as much as 8.9 per cent to 64.1 pence at 0816 GMT.
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Engine: 2-litre TSI petrol
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How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
UAE currency: the story behind the money in your pockets
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
