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Seasprite Helicopters

If you think the project you're working on is in bad shape, consider Mick Roche's Seasprite helicopter project, which is now an incredible nine years behind schedule and $300 million over budget. Not to mention that the airframes are over 40 years old, and the ships they are intended to operate from do not exist.

Latest setbacks

The Long Story of this Debacle. From 2002. Ignore the bit about them being ready by 2006.