Nigel McCue is set to resign as chief executive of Lamprell after the beleaguered oil rig maker today issued its fourth profits warning since the spring, wiping nearly a third off the group’s share price.
As with its earlier profits alerts, the latest dose of bad news stems from Lamprell’s ongoing problems with a contract to deliver two wind- farm vessels, which has racheted up the group’s costs.
The United Arab Emirates-based, London-listed company — which began the year in the FTSE 250 but has since fallen out — also said it had been forced to defer revenues on a separate construction project.
The latest warning prompted Lamprell’s new chairman, John Kennedy, to announce a senior management shake-up at the company, which is understood to include the departure of McCue after three-and-a-half years running the business and six years on its board.
A Lamprell spokesman declined to comment on the details of Kennedy’s shake-up, which could be announced as early as this afternoon.
“I am extremely disappointed in the need to make this latest trading statement and feel that a refreshed management team will bring a more focused sense of delivery to all our stakeholders,” Kennedy said.
Shares in Lamprell today fell by 32.5p, or 30%, to 77.5p.