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Lamprell announces strategic restructure into 3 verticals

DUBAI, January 18, 2021

UAE-based Lamprell, a top services provider to the oil and gas industry, has announced a strategic reorganisation of its business to increase the Group’s focus on renewables and the energy transition and enable the Group to take full advantage of the significant opportunities in its core markets.

The reorganisation will see the Group split into three distinct business units: Renewables, Digital and Oil & Gas, a Lamprell statement said.

Lamprell Renewables

The Renewables business comprises the Group’s existing projects providing wind turbine generator foundation fabrication services to offshore wind. Renewables opportunities currently make up $2.5 billion (about 40%) of the Group’s bid pipeline with the increase attributable to US renewables entering the pipeline.

“We expect to see continued strong growth in renewables opportunities in the coming years, driven by rapid expansion in core markets and by the commercialisation of floating wind which is expected to provide significant opportunities mid-decade onwards,” a Lamprell statement said.

Lamprell Renewables will also explore opportunities for the Group to collaborate with others so as to increase our execution capacity and support the local content objectives of our clients, as well as to move up the renewables value chain over time.

Lamprell Digital

The digital business encompasses the technology and IP development teams that have successfully implemented a range of technologies in the Group’s yards, such as the deployment of adaptive robotic welding, facial recognition technology and a proprietary digital quality management system.

Lamprell Digital will continue to advance proprietary technologies for industrial application, in areas such as asset integrity, engineering design, smart non-destructive testing, predictive maintenance and robotics.

Lamprell Oil & Gas

The oil & gas business comprises the Group’s traditional activities in rig fabrication, rig refurbishment, onshore EPC and other services, as well as our planned expansion into Offshore EPCI under the Saudi Aramco LTA. Central to the Group’s Oil & Gas strategy is Lempel’s differentiated positions in the UAE and Saudi Arabia.

The three business units have different priorities and needs, from their distinct customer bases, bidding processes, yard requirements and capital requirements. This strategic reorganisation will enable the Group to place greater focus on maximising the significant opportunities for each of the three business units. In the context of this strategic reorganisation, the Group continues to explore how best to finance these business units going forward.

Christopher McDonald, CEO, Lamprell, said: “In the four years since I joined Lamprell we have been reimagining the business for the future. Today we set out the shape of Lamprell as it looks forward, taking its long and proud history of providing services to the energy industry and accelerating its focus on renewables and digital technologies. This evolved structure will provide the business with greater focus as we seek to take full advantage of the many opportunities we see across our end markets.”

“As the Group emerges from what we hope is the worst of the Covid-19 pandemic in good shape, the time is right for us to be positioning the Group for the next phase of its growth,” he added. – TradeArabia News Service




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