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Consultant CH2M Hill is set to report a post-tax loss of more than $125m (拢79m) for the first nine months of 2014, following an investigation in to possible 鈥渁ccounting errors鈥� and cost overruns on projects, including one in Europe, the firm has disclosed.

In papers filed at the US Securities and Exchanges Commission, the US engineering giant 鈥� which worked on the London Olympics 鈥� said that it had uncovered project losses as part of an investigation into accounting errors 鈥渨ith respect to the timing of the recognition of cost overruns on certain fixed-price construction projects鈥�.

CH2M Hill said its audit committee and its lawyers were investigating the accounting errors and therefore its accounts for the third quarter would be filed late.

In September the firm said it would make a goodwill write down of between $30m (拢19m) and $80m (拢50m), and in this week鈥檚 announcement the firm said this write down will total around $73m (拢46m).

Projects impacted include four major jobs in Europe, Australia and the US respectively.

The overruns include cost increases caused by 鈥減roductivity issues鈥� on an undisclosed European project in the firm鈥檚 facilities and urban environments division, which the firm said had 鈥渘egatively impacted our results鈥� for the nine month period by $17.8m (拢11m).

CH2M Hill also said 鈥渁 variety of project and client issues鈥� on a power project in Australia, where it is working in a joint venture with a local firm, was expected to result in a project loss that would negatively impact after-tax profit by $85m (拢54m) for the period.

The firm also disclosed it had incurred 鈥渟ignificant additional costs鈥� on two separate projects in the US 鈥� a transport project and a power station.

Changes in 鈥渙ur initial cost estimates鈥� on the transport project reduced the firm鈥檚 operating profit by $40m (拢25.4m) for the nine month period.

On the power station, CH2M Hill incurred 鈥渟ignificant additional costs [鈥�] related to a substantial decline in union labor productivity, poor subcontractor performance, the impacts of related schedule delays and severe weather in the northeastern United States.鈥�

These costs on the power station job resulted in a decrease of 鈥済ross margin鈥� of $52.5m (拢33.4m) in the first quarter of 2014, and an additional loss of approximately $10m (拢6.4m) during the third quarter of 2014.

CH2M Hill said the investigation into potential accounting errors was 鈥渙ngoing鈥�.

The news follows an announcement of a $120m (拢74m) restructure in September, under which it will cut 1,200 jobs worldwide, including around 100 in the UK.