Lamprell's chief quits after its fourth alert

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The Independent Online

Nigel McCue is set to resign as chief executive of Lamprell after the oil-rig maker issued its fourth profits warning since the spring.

As with its earlier alerts, the latest bad news stems from Lamprell's problems with a contract for two wind-farm vessels.

The United Arab Emirates-based, London-listed company, which has fallen out of the FTSE 250, 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 Mr McCue after three and a half years running the business and six years on its board.

"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," Mr Kennedy said.

Shares in Lamprell fell by 40p or 36 per cent to 70p.