The company sees significant openings for near and mid-term growth for its oil and gas business division. As for current work, two IMI newbuild jackup rigs are into the key equipment installation phase.
Lamprell’s new IMI facility in Saudi Arabia is progressing despite disruptions during the pandemic, with phased commissioning of certain zones expected to start later this year.
To date the company has spent $85 million on the joint venture with a further $55 million pledged over the next two years.
For the Seagreen offshore wind farm in the UK North Sea, the company has so far delivered 20 of the 30 jackets with final deliveries scheduled to continue through the current quarter.
Last month the company was designated a preferred supplier on another large renewable energy project and it is finalizing terms of the reservation agreement with the offshore wind farm developer ahead of the anticipated full award later in the year.
The reservation agreement is an emerging trend for offshore wind developers, which are monitoring global pressures on engineering and fabrication capacity.
Lamprell has been making incremental investments to optimize throughput at its facilities, and last year completed a review of its fabrication capacity. The board has since approved the first stage of an investment program.
As for the company’s Digital business unit, partnerships with digital investors and developers Injazat/G42 and Akselos are helping Lamprell to progress various ventures. The yards are benefiting from robotic welding, which was employed on the Seagreen project, and digital twin technology is being applied for a proprietary lifting frame in the Hamriyah yard.