Tuesday 20 March 2018

Engineer John Kennedy earned 31m when floating his oil services firm Wellstream in 2007. Four years later, GE bought the company for 1.3bn, writing him a cheque for 22m. The Belgravia-based Kennedy is chairman of UAE-headquartered oil rig builder Lamprell. Shares in Lamprell plummeted earlier this year after the oil rig builder said revenue would hit the lower end of its target and warned of a “cautious environment” in 2017.

The oil rig builder said full-year revenue for 2016 was expected to be about $700m (£562.2m), lower than the $871.1m it reported in 2015, while revenue for 2017 is forecasted to be on the lower end of the $400m to $500m range.

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