March 22, 2018 / 7:29 AM / 5 months ago

Lamprell expects lower revenue in 2018, posts loss in 2017

March 22 (Reuters) - British oil rig builder Lamprell said on Wednesday it expects lower revenue this year and posted a core loss for 2017, hurt by lower spending by oil explorers and losses at a windfarm project.

Lamprell, which runs three rig-building yards in the UAE, reported loss before interest, tax, depreciation and amortization to $70.5 million for the year ended Dec. 31, compared with a profit of $30.6 million, a year earlier.

Revenue fell 47.5 percent to $370.4 million. (Reporting by Arathy S Nair in Bengaluru Editing by Saumyadeb Chakrabarty)

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