Shares of Lamprell plunged by as much as 19 per cent in London on Friday after the Sharjah-based marine services company said it would incur a significant loss in its 2017 profit due to higher than expected costs for its East Anglia One offshore windfarm project off the UK's east coast.
“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,” the company said.
“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.”
Lamprell said it was working with the client and supply chain to mitigate further costs. It was not in a position to given an accurate estimate of the financial impact of the situation but said that it would make an announcement in due course, it said. While revenues for 2017 will be in line with the company’s current guidance, earnings will be significantly below current market expectations, it added.
The rig maker won last year the US$225 million contract to procure, fabricate and supply 60 foundations to ScottishPower Renewables that will be used to install 102 turbines, each with a capacity of 7 megawatts at the East Anglia One offshore wind farm. This will generate enough power for more than 500,000 homes a year.
“We remain of the view that the renewables market presents significant potential for the growth of the group and we are convinced that the lessons learned from this first project in the sector have strengthened our capabilities,” the company said.
“This will help to position us competitively for future project awards.”
Lamprell shares were down 10 per cent at 62.75 pence late morning in London on Thursday.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
