United Arab Emirates-based yard Lamprell slumped into the red last year, in part due to a hefty loss on its work on jacket foundations for the EA1 UK offshore wind project.

The Sharjah-headquartered company is also expecting reduced revenues this year and sees major project awards being pushed out to late this year.

The net loss hit $98.1m as against a loss in 2016 of $184.32m.