Your Renewable News | Lamprell announces 2017 financial results

Financial highlights

· Net loss of USD 98.1 million for the Group primarily driven by loss of USD 80 million on East Anglia One project

· Revenue of USD 370.4 million (2016: USD 705.0 million) in line with guidance

· Reductions in the overhead cost base for sixth consecutive year, with a USD 16 million year-on-year decrease in 2017

· Robust balance sheet supported by strong year-end net cash position of USD 257.0 million

·Net cash to reduce in 2018 with key investments in the Saudi Maritime Yard (USD 38 million), payment for Cameron rig kits (USD 41 million) and remaining funding of East Anglia One (USD 30 million)

· Successfully obtained amendment and waivers to banking covenants from lending group

Operational highlights

·Group safety performance remains world-class, outturn total recordable incident rate of 0.30 (31 Dec. 2016: 0.29)

· East Anglia One offshore windfarm project summary:

o  Project is currently 73% complete

o  Eight jackets and all 182 piles have been delivered to client in Vlissingen

o  Group incurred significant additional costs relating to investment in staffing and equipment requirements, as well as significant additional shipping and subcontractor costs

o  Constructive discussions with our client are ongoing to meet their expectations around the schedule but, as with any contract, liquidated damages exposure remains in case of delays

o  Lessons have been learned and various performance improvement opportunities implemented to mitigate current project costs and to allow....

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