Lamprell

Lamprell plc, based in the United Arab Emirates, specialises in construction and fabrication, servicing both the Renewables and Oil & Gas industries.[2] It builds wind turbine foundations as well as shallow-water drilling jackup rigs, liftboats and land rigs, and it also carries out rig refurbishment. In 2021 the company added a Digital business unit servicing not only the renewables and oil & gas sectors but other related industries. It is listed on the London Stock Exchange.[3][4]

Lamprell plc
TypePrivate
IndustryEnergy
Founded1976
HeadquartersHamriyah, United Arab Emirates
Key people
Ian Prescott, CEO
Neil Millar, COO
Products
RevenueIncrease US$338.6 million (2020)[1]
Increase US$(32.0) million (2020)[1]
Increase US$(53.4) million (2020)[1]
Number of employees
5,000 (2021)
Websitewww.lamprell.com

History

The company was established by Steven Lamprell in 1976 in Dubai.[5] The company established three sites in the United Arab Emirates and one in Thailand before starting jackup rig conversions in the late 1980s.[5] In the late 1990s, the company started to diversify into oil rig construction.[5] In 2006 the company launched an initial public offering on the Alternative Investment Market and in 2008 it secured a full listing on the London Stock Exchange.[5]

Lamprell diversified its offering further, from predominantly servicing the oil & gas market to entering the renewables' arena in the early 2000s. It delivered four self-propelled jackup vessels for offshore oil & gas and offshore wind turbine installation to Seajacks,[6] and two wind turbine installation vessels to Fred Olsen.[7]

The company acquired Maritime Industrial Services, another maritime services business, for $336 million in July 2011[8] but was hit by a series of profit warnings in 2012 following a string of losses, delays and deferrals in individual projects.[9] In March 2013, the company was fined £2.4 million by the Financial Services Authority in connection with the profit warnings and for its failure to keep the market properly informed.[10]

The company entered the Guinness World Records book in 2014 for the "heaviest load moved by self-propelled modular trailers" for moving a 13,191.98 metric tonne Production, Utilities and Quarters (PUQ) deck for its client Nexen Petroleum UK.[11]

In 2016, Lamprell won its first contract to construct 60 wind turbine foundation structures following an award from ScottishPower Renewables for the East Anglia One project.[12]

In 2017, Lamprell, via subsidiary Maritime Offshore Limited, joined a partnership developing the King Salman Global Maritime Industries Complex in Saudi Arabia.[13]

In 2022, the company announced that Thunderball Investments, a company owned by Blofeld Investment Management and AlGihaz, had made an offer for the company worth £38.8m ($46.5m) which the board of Lamprell had accepted.[14]

Operations

Lamprell has three main business units: renewables, oil & gas, and digital.[15] Its main operations centres and yards are in the UAE and Saudi Arabia. In the UAE its main facility is located in Hamriyah,[16] and it has a second facility in Jebel Ali and a third in Dubai Investments park.[17]

Lamprell also has a joint partnership with Saudi Aramco, Bahri and HHI in the Industrial Maritime Yard in Saudi Arabia.[18]

References
  1. "Annual Report 2020" (PDF). Lamprell. Retrieved 29 July 2021.
  2. Thomas, Allister (8 September 2022). "UAE's Lamprell puts pen to paper on huge contract for Moray West wind farm". Energy Voice.
  3. "Lamprell concludes contract for Moray West transition pieces". Renewablesnow.com.
  4. "Lamprell Signs Contract Worth More Than $200 Mln for UK Offshore Wind Farm". MarketWatch.
  5. "Top 50 most influential Brits in the UAE". Arabian Business. Retrieved 22 June 2014.
  6. "UAE: Lamprell Builds Fourth Vessel for Seajacks". Offshore Energy. 2012-07-17. Retrieved 2021-08-03.
  7. "Norway: Lamprell Delivers Windcarrier 2 "Bold Tern", to Fred Olsen Windcarrier". Offshore Wind. 2013-02-18. Retrieved 2021-08-03.
  8. "Lamprell buys Maritime Industrial Services". Gulf News. 11 July 2011. Retrieved 22 June 2014.
  9. "Lamprell leaps 17pc despite issuing fifth profit warning". The Telegraph. 19 November 2012. Retrieved 22 June 2014.
  10. "Lamprell fined £2.4 million for the profit warnings that kept coming". The Times. 19 March 2013. Retrieved 3 August 2021.
  11. "Lamprell PUQ deck breaks Guinness World Records for heaviest load". Oil Review Middle East (in Polish). Retrieved 2021-08-03.
  12. "Lamprell wins USD-225m job on East Anglia One offshore wind project". Renewablesnow.com. Retrieved 2021-08-03.
  13. "Bahri, Partners Step Closer to Set Up Maritime Yard in Saudi Arabia". World Maritime News. 1 June 2016. Retrieved 13 May 2017.
  14. "Lamprell agrees $46.5m takeover". Splash 24/7. 22 July 2022. Retrieved 29 September 2022.
  15. "Lamprell forms three business divisions". Offshore Magazine. 14 January 2021. Retrieved 29 July 2021.
  16. "Sharjah's Hamriyah Free Zone inks leasing deal with Lamprell". Trade Arabia. 12 September 2020. Retrieved 29 July 2021.
  17. "Lamprell Steady Despite Softening Oil Market Outlook". Rig Zone. 7 November 2014. Retrieved 29 July 2021.
  18. "Offshore Rig Builder Lamprell Shutters Two Yards". Maritime Executive. 14 April 2020. Retrieved 29 July 2021.
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