Lamprell

Last updated
Lamprell plc
Company type Private
Industry Energy
Founded1976
Headquarters Hamriyah, United Arab Emirates
Key people
Ian Prescott, CEO
Neil Millar, COO
Products
RevenueIncrease2.svg US$338.6 million (2020) [1]
Increase2.svg US$(32.0) million (2020) [1]
Increase2.svg US$(53.4) million (2020) [1]
Number of employees
5,000 (2021)
Website www.lamprell.com

Lamprell plc, based in the United Arab Emirates, specialises in construction and fabrication, servicing both the Renewables and Oil & Gas industries. 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. It is listed on the London Stock Exchange.

Contents

History

The company was established by Steven Lamprell in 1976 in Dubai. [2] The company established three sites in the United Arab Emirates and one in Thailand before starting jackup rig conversions in the late 1980s. [2] In the late 1990s, the company started to diversify into oil rig construction. [2] 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. [2]

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, [3] and two wind turbine installation vessels to Fred Olsen. [4]

The company acquired Maritime Industrial Services, another maritime services business, for $336 million in July 2011 [5] but was hit by a series of profit warnings in 2012 following a string of losses, delays and deferrals in individual projects. [6] 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. [7]

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. [8]

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. [9]

In 2017, Lamprell, via subsidiary Maritime Offshore Limited, joined a partnership developing the King Salman Global Maritime Industries Complex in Saudi Arabia. [10]

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. [11]

Operations

Lamprell has three main business units: renewables, oil & gas, and digital. [12] Its main operations centres and yards are in the UAE and Saudi Arabia. In the UAE its main facility is located in Hamriyah, [13] and it has a second facility in Jebel Ali and a third in Dubai Investments park. [14]

Lamprell also has a joint partnership with Saudi Aramco, Bahri and HHI in the Industrial Maritime Yard in Saudi Arabia. [15]

References

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