Rig-maker Lamprell charted a “back-to-basics” strategy it says will return it to profitability by 2014 after swinging to losses of £69.3million in the most challenging year in its history.
Rapid growth prompted the Dubai-based oil service company to expand into riskier areas, such as wind-turbine vessels, where operational difficulties led to a series of profit warnings last year. The FTSE 250 firm’s 2012 losses, before tax and one-off items, follow profits of £48.8million in 2011.