24 Jan 2022 11:30
24 January 2022
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
PREFERRED SUPPLIER ON MAJOR RENEWABLES CONTRACT
Lamprell is pleased to announce that it has entered into exclusive negotiations as preferred supplier with an international client in the offshore wind industry for a very large contract*. Lamprell will now work with the client to confirm the terms of a reservation agreement that will secure capacity in Lamprell's Hamriyah yard for the work as negotiations proceed towards contract award.
The signing of preferred supplier exclusivity is a significant milestone in the contract process albeit it is not a guarantee of contract. The Group will provide further details of the project in the event of successful conclusion of negotiations.
Christopher McDonald, CEO of Lamprell said: "We have seen a ramp up in bidding activity from Q4 2021 and we are currently in advanced stages of tendering with several potential clients across the globe, driven by the increased demand in both of our end markets of renewables and oil & gas. An emerging trend particularly in renewables sector is the introduction of reservation agreements to secure fabrication yard capacity for projects up to a year in advance We view these agreements as a very positive sign of forward planning and addressing limited capacity in the industry."
(*Lamprell defines a very large contract as having a value in excess of USD 150 million)
Lamprell will issue a trading update on 7 February 2022.
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Notes to editors
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")."