Lamprell has reported an increase in the estimated loss on the East Anglia One offshore wind project of USD 9.4 million in the 2018 financial year, primarily reflecting the additional cost of supporting Harland and Wolff through restructuring.
According to Lamprell’s 2018 results, the increase brought the overall estimated loss for the 714MW project to USD 89.4 million.
East Anglia One numbers also brought to the company’s gross loss of USD 9.1 million in a combination with low revenue from profitable projects which have been insufficient to recover the operational overheads.
The company reported a net loss of USD 70.7 million, compared to a USD 98.1 million loss in 2017, said to be a result of lower revenues and reduced margin contribution from East Anglia One.
Revenue amounted to USD 234.1 million, in comparison to USD 370.4 million in the year before, which is in line with guidance.
Lamprell said that East Anglia One is 99% completed and overall delivery remains on track to meet the installation campaign.
The 714MW project comprises 102 Siemens 7MW turbines located 59km from the coast of Lowestoft, the UK, and scheduled to come into operation in 2020.