Heads roll at Lamprell after offshore wind vessel delays

Lamprell, the United Arab Emirates-based shipyard that has become a key fabricator of vessels servicing the offshore wind industry, has unveiled a dramatic management shake-up after acknowledging big losses on its offshore wind orders.

With immediate effect, Lamprell has ousted chief executive Nigel McCue, chief financial officer Jon Cooper and chief operating officer Chris Hand, after an ugly trading update on 3 October sent shares in the London-listed company spiraling down nearly 30%.

Peter Whitbread, who was chief executive until 2009, has been brought back to lead the company on an interim basis while replacements are found.

Lamprell has admitted to swallowing large losses on the Brave Tern offshore wind installation vessel it recently delivered to Norway's Fred Olsen Windcarrier.

The Windcarrier vessels – commissioned in Log in to read complete article.

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