Lamprell has reached a settlement with an American supplier almost a year after equipment failures triggered a profit warning and a sharp fall in its share price.
The oil services company said that it had reached an “amicable” deal with Cameron, a subsidiary of Schlumberger, under which Lamprell will receive an unspecified proportion of the remedial costs it spent rectifying issues with faulty jacking equipment.
Lamprell said that after taking account of an outstanding payment due to Cameron for the equipment and the settlement, its net cash position would be “largely unchanged”.
The Middle East-focused company had indicated last August that it was trying to claw back all the remedial costs as well as compensation from Cameron. The settlement made no mention of compensation, but