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Lamprell CEO McCue Says Has Board’s Support After Share Drop

Aug. 28 (Bloomberg) -- Nigel McCue, chief executive officer of oil rig engineer Lamprell Plc, said he has the board’s backing after shares plunged 67 percent this year.

The company today reported a loss of $47.1 million for the first half after delays on its Windcarrier projects, and a disruption in the supply chain hurt the delivery of jackup rigs. The Douglas, Isle of Man-based company, whose main facilities are in Dubai, fell 0.3 percent to 89.75 pence in London today.

“I’ve got the support of the board to continue,” McCue said in a telephone interview. “Behind the scenes we’re implementing reorganization. In 2013, we’ll be back to profitability.”

Lamprell received banking waivers at the end of June following covenant breaches, and it said today it will have to negotiate with lenders again to avoid breaking loan conditions at the end of the year. While the company predicts a full-year loss of as much as $17 million, its order book stands at the “historically high level” of $1.5 billion, it said.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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