Lamprell: A History of Success in the Oil & Gas Industry
Lamprell is a leading international provider of fabrication, construction, repair and modification services to the offshore and onshore oil & gas and renewables industries. The company has an enviable 40-year track record of delivering high quality projects safely, on time and to budget.
Lamprell employs approximately 4,000 people across the UAE, Saudi Arabia, Kuwait, Oman, India, the United Kingdom and the United States of America. The company's primary facilities are located in Hamriyah Free Zone in the United Arab Emirates (“UAE”).
Lamprell is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
2. Brief history of Lamprell:
Lamprell was founded in 1971 as a marine engineering company in Dubai, United Arab Emirates. In 1979, the company diversified into the construction of rigs for the oil and gas industry and since then has become a leading international provider of fabrication, construction, repair and modification services to the offshore and onshore oil & gas and renewables industries.
The company has an enviable 40-year track record of delivering high quality projects safely, on time and to budget.
3. Strategic goals for 2017-2019:
In May 2017, Lamprell announced its strategic priorities for the period 2017-2019 which were to:
-Continue to focus on its core competencies of fabricating complex steel structures and providing engineering solutions for the energy industry;
-Diversify geographically into new markets;
-Expand its product range and services offering;
-Deliver shareholder value through a combination of revenue growth, margin expansion and cost reduction initiatives;
-Maintain a strong balance sheet with a focus on reducing net debt; and
-Continue to invest in health, safety and environmental protection.
4. Recent developments:
In 2018, Lamprell completed several important developments including:
-The acquisition of Emas AMC which expanded its geographical reach into new markets such as Brazil and West Africa;
-The completion of several major projects including the Hebron topsides project in Canada;
-The signing of new contracts including a contract for the fabrication of three jackets for ADMA's Umm Shaif development in Abu Dhabi;
-The delivery of several rigs including the Maersk Voyager rig which commenced operations in January 2019;
-And finally, the launching of its new website which provides an improved user experience and showcases the company's capabilities more effectively. 5. Conclusion: Lamprell has a long history of success in providing high quality services to the oil & gas industry. The company's recent strategic priorities demonstrate a continued commitment to its core competencies while also expanding into new markets and product offerings. This strategy is expected to result in continued growth and shareholder value creation over the next three years.