LAM.L Regulatory News (LAM)

18 February 2013

Lamprell

("Lamprell" or the "Group")

DELIVERY OF WINDCARRIER 2, "BOLD TERN", TO FRED OLSEN WINDCARRIER

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewables industry, is pleased to announce the successful completion of construction of the wind turbine installation vessel, Windcarrier 2 "Bold Tern". Having resolved all outstanding commercial issues, Lamprell has made delivery of the vessel to the client, Fred Olsen.

Completion and delivery of the vessel, five months after the delivery of its sister vessel, the Windcarrier 1 "Brave Tern", was marked with a ceremony at Lamprell's Jebel Ali facility in the UAE on 19 January, attended by members of the Olsen family and senior executives from Fred Olsen and Lamprell. The vessel will depart to its operating location in the North Sea later this week.

With this delivery, the Group has now completed a total of five new build offshore wind turbine installation vessels with a sixth vessel currently under construction. Aside from the two Fred Olsen vessels, three others were delivered to Seajacks with one more, the "Hydra", under construction.

Commenting on the delivery, Peter Whitbread, Chief Executive Officer, Lamprell, said:

"I am delighted to make delivery of the "Bold Tern" to her new owners. The project has been highly complex with significant challenges which we have overcome. Given these challenges, it is with some pride that we can now see this vessel completed and ready to sail later in the week.

This milestone, marking the completion and delivery of the second Windcarrier vessel, is significant on several fronts; the "Bold Tern", and her sister the "Brave Tern", are the largest two vessels ever built by Lamprell and the new designs are considered prototype in nature. Whilst this presented many of the projects' challenges, Lamprell's ability to take on complex engineering design and construction projects has grown accordingly. Importantly, it also highlights Lamprell's commitment to its customers in the renewable energy segment.

We thank the management of Fred Olsen Windcarrier for selecting Lamprell to be their partner for this important endeavour and we look forward to working with them on future projects."

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