Lamprell, the UAE oil-rig maker fined this week for failing to bring negative financial warnings to the market fast enough, aims to stabilise its finances this year by bidding more conservatively on new projects.
The company, with shipyards in Jebel Ali, Sharjah and Hamriyah, yesterday posted a loss of US$110.5 million (Dh405.8) forlast year, compared with a profit of $63.3m the year before. Bids this year will focus on the company's core oil and gas expertise and avoid excessive financing burdens or uncontrolled costs, said Jim Moffat, the chief executive who assumed the job this month.
"You get a project and you either win it or lose it, and if that's all you do, what you win could be quite shambolic," Mr Moffat said. "We're expanding the management to have more checks and balances. Rather than run the facility as a series of stand-alone siloed projects, we're trying to look at facilities management as well and be a little bit more strategic in terms of projects that we win."
This week the United Kingdom's Financial Services Authority fined the company £2.4 million (Dh13.3m) for failing to alert investors quickly enough of potential profit setbacks.
In May, Lamprell began issuing the first of four profit warnings centring on delays and cost overruns during the building of an offshore wind turbine carrier, a fresh foray into renewables for the oil-rig builder.
"When we look at the risk profile in the project, we actually did not control much of the risk that affected our bottom line," said Mr Moffat in a telephone interview from the UK, where top executives were meeting with investors. "That was a novel vessel. It was in a market that we really didn't know, for a very difficult client, a very commercially focused client."
From now on Lamprell will focus on the rig needs related to old-school fossil fuels, he added. He referred to the North Sea and Middle East as core markets with lots of opportunities for the firm.
"We're not going to take on a project that we don't have a fundamental knowledge in," said Mr Moffat.
Lamprell has a $1.3 billion order backlog, and its working capacity for the year is 85 per cent committed to existing projects. It expects to fill out its order book with rig repairs and expects to maintain the size of its UAE facilities and workforce of 11,000 people.
"We're very fortunate in that we've got a big backlog in our core business," said Mr Moffat. "I don't see the business getting smaller as we move forward."
Lamprell shares climbed more than 4 per cent to 148 pence yesterday at midday trading in London.
Mr Moffat is one of a series of new faces after a management shake-up in October, when three directors left the board including the former chief executive Nigel McCue.
"We're over here this week to meet existing and potentially new shareholders," said Frank Nelson, who was named chief financial officer yesterday after serving as interim. "The best way that we can serve shareholders and to regain their confidence is by delivering."
ayee@thenational.ae
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Quick%20facts
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
UAE currency: the story behind the money in your pockets
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
