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 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 4 The day I starred in Only Fools and Horses
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings plane crash: Andreas Lubitz 'had eyesight problems' and woke from nightmares 'screaming we’re going down'
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...