Lamprell recorded a net loss of nearly $71m in its 2018 financial results, with nearly $10m of this figure attributed to its work on jacket foundations for the 714MW East Anglia 1 offshore wind farm.
The UAE-based fabricator said the net loss of $70.7m, compared with a loss of $98.1m the previous year, is partly due to reduced margin contribution from the work for ScottishPower’s EA1.
“All 42 jackets and 182 piles fabricated in the UAE have been delivered to the client’s facility in Vlissingen and are undergoing final certification and handover protocols prior to installation,” Lamprell said.
Subcontractor Harland and Wolff is assembling the remaining 18 jackets in Belfast.
Lamprell’s support of Harland and Wolff through its restructuring led to a reduced margin contribution from EA1, said the company in its results, while overall project delivery remains on track to meet client installation campaign in 2019.
Lamprell has also secured contract worth in the region of $200m to deliver jackets for the Moray East wind farm off the Scottish coast.
The company said it is, “embedding lessons learnt on the East Anglia 1 project in pricing against in-depth understanding of the market and in managing project risk profile effectively”.
The project is on track for first steel cutting in the first half of 2019.
Earlier this year, Lamprell said in a pre-close trading statement it was likely to book a $71m net loss for 2018 due partly to no “margin contribution” from its work supplying jacket foundations to East Anglia 1, off east England.
The company said it had “actively managed” and allocated “additional resources” to Harland and Wolff.
In 2018 Lamprell recorded revenues of $234.1m, compared with $370.4m in 2017, which was in line with guidance.