We have carried out a further review of our model in light of the recent H1 2017 results. This has led us to account for higher costs, and hence lower margins, for the full year. There are a number of drivers for this, including allowance for lower margins on the East Anglia 1 contract; non-recurrence in the second half of a US$16m benefit to EBITDA in H1 2017 related to release of contingencies on the Ensco rigs, release of provisions for claims by Heerema and final payments on the Petrofac
13 Oct 2017
Forecast and recommendation downgrade
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Forecast and recommendation downgrade
- Published:
13 Oct 2017 -
Author:
Daniel Slater -
Pages:
3
We have carried out a further review of our model in light of the recent H1 2017 results. This has led us to account for higher costs, and hence lower margins, for the full year. There are a number of drivers for this, including allowance for lower margins on the East Anglia 1 contract; non-recurrence in the second half of a US$16m benefit to EBITDA in H1 2017 related to release of contingencies on the Ensco rigs, release of provisions for claims by Heerema and final payments on the Petrofac