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Lamprell makes cost provision for newbuild liftboats
Posted 13.10.2011 07:55:37 av John Bradbury
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Offshore services group Lamprell says it is still on course to complete three offshore wind farm construction vessels for Fred Olsen WindCarrier and Seajacks despite having to make a provision for costs.

After completing detailed design for the liftboats, Lamprell says two units are now under construction for Fred Olsen WindCarrier and a third is being built for Seajacks 3 Limited at a fixed price, But Lamprell says it anticipates making provision for costs to complete them at £14.3 million.

“The vessels remain on schedule for delivery to the respective customers in 2012. This provision relates solely to these contracts and arises primarily as a result of increased labour requirements and additional material and subcontract costs. We are confident that similar issues do not affect our other ongoing projects.

Despite this Lamprell says its full year net earnings will be in line with market expectations, supported by “..certain contingencies held in relation to rig projects, the successful resolution of a dispute with regards to a major MIS project, and increases in the scopes of works on existing contracts.”
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