Lamprell in growing commitment to Saudi Arabia
Lamprell has issued an update on its fabrication development activities in Saudi Arabia.
SHARJAH, UAE – Lamprell has issued an update on its fabrication development activities in Saudi Arabia.
The company is in a joint venture with Saudi Aramco, Bahri, and Hyundai Heavy Industries to create a major maritime yard in-Kingdom, known asInternational Maritime Industries.
It is also seeking to qualify as a contractor to Aramco for the company’s long-term agreement (LTA) program, for contractors undertaking offshore engineering, procurement, construction, and installation projects in the oil and gas industry.
One key component of all LTA projects is the In-Kingdom Total Value Add (IKTVA) program, designed to encourage and increase local investment by the LTA contractors.
Lamprell is taking steps to achieve its IKTVA commitments in part through partnering with local businesses, and plans to form Lamprell Saudi Arabia, a joint venture including Asyad Holdings as a local partner.
Asyad brings regional knowledge and is part of a group of companies managing various businesses and working on major projects in-Kingdom.
At the same time, Blofeld Investment Management, a private family fund based in Saudi Arabia, has increased its shareholding in Lamprell to 10.8%.