Rig maker Lamprell's losses worsen

The oil rig maker Lamprell plunged to a loss of $47m (£30m) in the first six months of the year, but insisted it has the support of its banks.

The small cap firm has issued a series of warnings this year due to contract delays and other issues. Yesterday it said its losses for the period would be higher than the $45m earlier predicted due to the cost of delayed deliveries of wind farm installation vessels.

Lamprell maintained its guidance for the full-year at a loss of between $12m-$17m.