Shares in energy service firm Cape slumped today after the company warned its third quarter results would be hurt by weak margins at its Aberdeen-based UK offshore division.
Cape, which employs around 1,200 people in the North Sea, lost nearly 30% of its value after it said it had suffered a slow release of work on secured contracts and incurred a £2.2million charge related to a one-off offshore contract.
It added this would largely negate 15% revenue growth it expected in the third quarter.
Cape, whose shares closed down £1.37 at 333.9p, also predicted further pressure on margins in its Middle East operations next year after some contracts were delayed in the third quarter.