Lamprell's chief quits after its fourth alert
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.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Vagina canoe artist defends herself over ‘obscenity’ charges
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...