- Lamprell's profit from continuing operations after income tax and after exceptional items fell to $20.3m in the six months to the end of JUne - down from $46.1m.

The group said the results were in-line with expectations and lower year-on-year due to construction phasing and exceptional performance in 2014.

Revenues fell to $351.4m from $632.3m and EBITDA decreased to $31.8m from $66.2m.

Executive chairman John Kennedy said: "The global energy markets have experienced a significant shift during the last nine months and this has impacted all contractors operating in the sector. These challenging market conditions are now expected to last longer than originally envisaged by the industry. With a strong balance sheet and cash position and a market-leading operational performance, the Group is well positioned to weather this difficult climate.

"In addition, the Board is undertaking a thorough review of our strategy to ensure it is robust in the face of industry challenges. We remain confident that Lamprell has a clear path for targeting those clients and markets where we see the best opportunities during the downturn and for developing the business in the longer term."

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