The Sharjah-based firm says it has launched an investment review due to adverse economic conditions and has delayed some spending on the project. However, it says it is only cutting back on spending which will not affect the operational capability of the facility.

Lamprell says the quay wall is nearing completion and work is continuing on the offices and workshops. The facility will be operational by the end of March.

The firm adds that while it is cautious about the short term market for new construction work, it is encouraged by rig refurbishment opportunities, particularly in the Middle East.

Lamprell moved to the main market of the London Stock Exchange in 2008 in order to widen its shareholder base after previously being listed on London’s junior AIM stock market.