(Corrects headline to say cuts 20 pct of admin staff, not total
March 24 Oil-rig builder Lamprell Plc
said it cut about 20 percent of its administrative staff and
expects 2017 to probably be the toughest year to date, despite
early signs of recovery.
Lamprell has been cutting costs as oil explorers have cut
their spending and cancelled contracts to counter a
more-than-2-year rout in oil prices.
Lamprell, which runs three rig building yards in the UAE,
said it expects the overhead cuts to contribute annualised
savings of $23.4 million in 2017.
The company said it expects 2017 revenue to be in the lower
half of its previous forecast of $400 million to $500 million in
the absence of large project deliveries in the second half of
The company's 2016 revenue fell 19.1 percent to $705 million
for the year ended Dec. 31.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sunil