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Share Name Share Symbol Market Type Share ISIN Share Description
Lamprell Plc LSE:LAM London Ordinary Share GB00B1CL5249 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.40 -0.59% 67.20 67.20 67.80 69.00 67.20 69.00 12,871 09:18:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 196.4 -139.0 -40.5 - 230

Lamprell plc New Contract Award

02/11/2020 7:00am

UK Regulatory (RNS & others)


Lamprell (LSE:LAM)
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RNS Number : 8996D

Lamprell plc

02 November 2020

2 November 2020

LAMPRELL PLC

("Lamprell" and with its subsidiaries the "Group")

NEW CONTRACT AWARD

Lamprell awarded engineering project by IMI

Lamprell is pleased to announce that it has been awarded a medium-sized* contract by International Maritime Industries (IMI) to undertake engineering design services.

Starting immediately and extending over the next three years, the work will be undertaken in two parts: an initial phase incorporating full detailed design engineering, followed by the production design phase.

This work forms an integral part of IMI's 2030 new build rig programme; supporting the strategy for establishing itself as a fully autonomous in-Kingdom yard facility servicing clients in the maritime sector including maintenance, repair, overhaul and newbuild rigs and ships.

Christopher McDonald, CEO, Lamprell said: "Working closely with our IMI partners, we are delighted to be starting this key piece of engineering work. It complements and builds on the two jackup rigs we were awarded at the beginning of the year. Also, it further expands our remit for being able to welcome Saudi nationals into our facilities as part of supporting IMI's local capacity building. When completed, the maritime yard in Saudi Arabia will become a major contributor to the local economy and we are proud to be associated with such a strategic vision."

- Ends -

Enquiries:

 
  Lamprell plc 
   Maria Babkina, Investor Relations       +44 (0) 7852 618 046 
 
  Tulchan Communications, London    +44 (0) 207 353 4200 
   Martin Robinson 
   Martin Pengelley 
 

Notes to editors

Lamprell, based in the United Arab Emirates ("UAE") and with over 40 years' experience, is a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. The Group has established leading market positions in the fabrication of shallow-water drilling jackup rigs, liftboats, land rigs, and rig refurbishment projects, and it also has an international reputation for building complex offshore and onshore process modules and fixed platforms.

Lamprell employs more than 4,000 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").

*(Lamprell defines a "medium-sized contract" as between USD 6 million and USD 50 million)

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END

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November 02, 2020 02:00 ET (07:00 GMT)

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