Cape, a company which paints and maintains oil rigs and mines, has seen almost a third wiped off its market value after its issued its third profits warning of the year.
The company blamed a series of hiccups at a liquefied natural gas project in Algeria and trading problems in Australia, and announced the immediate departure of its finance director.
Group's operating margin was impacted by a substantial deterioration in the performance of the Group's onshore Australian business driven by both a further downturn in current trading and the recognition of a number of legacy issues.
The group will deliver a full year operating profit performance significantly below previous expectations. Until the detailed review of balance sheet items is complete there remains uncertainty in the eventual outcome of the full year performance.
The shares dropped 27% to 192p by 12:20pm.
The company had issued a profit warning in May after a review of a project in Arzew, Algeria unearthed additional costs.
