18 Feb 2022 12:01
18 February 2022
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
LIMITED NOTICE TO PROCEED PENDING NEW CONTRACT AWARD
Lamprell is pleased to announce that it has received a limited notice to proceed (LNTP) from the Saudi-based contractor, Bas Global Marine Services (BGMS), in anticipation of the full award in Q2 2022. The full scope of work on this large* contract relates to the delivery and construction of multiple jack-up lift barges to BGMS. The scope of work under the LNTP is for early works, including the procurement of materials and mobilisation of the Group's project management team. All project activities will be undertaken in Lamprell's Hamriyah facilities and work will start immediately, with project completion planned for 2H 2023.
Commenting on the new award, Chief Executive Christopher McDonald said:
"We are very pleased to be working on this project in support of BGMS' contract with Saudi Aramco, a key customer for Lamprell for whom we are undertaking a number of other projects. We have a well-established and proven track record for constructing jack-up vessels for use in the offshore energy sector and we are confident of our ability to deliver this project safely and on time."
*Lamprell defines a "large contract" as between USD 51 and USD 150 million
This announcement contains information in relation to the potential award of a major new contract which is deemed by the Company to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended).
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Notes to editors
Lamprell
Lamprell is a leading provider of services to the international energy sector. Driving strategy and growth through its Renewables, Oil & Gas and Digital business units, underpinned by almost half a century of expertise, the Group has worked hard to establish its reputation for delivering projects safely, on time and to budget.
The Group has firmly established its international credentials in the renewables sector as well as continuing to build on its traditional oil and gas credentials. We are recognised for building complex offshore and onshore process modules and platforms, fabricating and refurbishing jack-up rigs and liftboats.
Lamprell employs more than 5,000 people across multiple facilities, with its primary facilities located in Hamriyah, in the UAE. Combined, the Group's facilities cover approximately 800,000m2 with over 1.5 km of quayside. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement). Lamprell is listed on the London Stock Exchange (symbol "LAM")."
Baas Global Marine Services (BGMS)
BGMS is a subsidiary of BIG for Oil & Gas, founded in 2013 in Al Khobar, Eastern Province, to meet the ever-growing demand of professional services in the field of marine safety equipment and ancillary services. The company has a solid existence and competitive market positioning as an approved and qualified integrated Marine Service Contractor providing various types and classes of marine vessels and utility boats to Saudi Aramco and its offshore contractors.
In the past five years, BGMS has achieved remarkable growth, and built new vessels to meet the high standards and requirements of local and international clients. BGMS currently operates over 15 offshore support vessels and an addition of seven jack-up barges commencing in 2022.