Lamprell outlines strategic reorganisation and splits into 3 verticals

UAE-based Lamprell announced a strategic reorganisation of its business to increase the Group’s focus on renewables and the energy transition.

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

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

In a statement Lamprell said: "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 onwards."

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.

Finally, the Oil & Gas business will comprise 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 Lamprell’s differentiated positions in the UAE and Saudi Arabia

"Lamprell is committed to the IMI joint venture, which provided the Group with a contract for two newbuild jackup rigs in 2020 as well as an engineering design contract for further rigs, supporting its commitment to fleet expansion over the next decade," the firm said.

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.”