Lamprell on track

Lamprell, a provider of engineering and contracting products to the oil and gas and renewables industry, has said that it believes that its net earnings for the 2011 full year will be in line with market expectations. The company has almost completed the design phase of its windfarm liftboat projects, two of which are currently under construction for Fred Olsen Windcarrier and one under construction for Seajacks 3. In a statement, the firm said it anticipates making a provision based on the cost to complete the projects amounting to $14.3m. "This provision relates solely to these contracts and arises primarily as a result of increased labour requirements and additional material and subcontract costs. We are confident that similar issues do not affect our other ongoing projects," the company added. The vessels remain on schedule for delivery to the respective customers in 2012. NR