We have now updated our forecasts for Lamprell. We have put through a greater hit to revenues than guidance, reducing these by 11.7% in 2016 versus 2015, compared with guidance of a 5.0% decline. Walk-in work slowed significantly in the second half of 2015 and we are allowing for further weakening during 2016. We have also reduced operating margins base on broadly flat fixed costs 2016 versus 2015 and a small increase in variable costs (with the pricing pressure effect on margins counteracted
