Sharjah-based Lamprell’s much-delayed 2020 results, released 29 June, paint a picture of a firm overwhelmingly dependent on business in Saudi Arabia, and one which is struggling to deliver on the near-term commitments that it hopes to parley into future orders.
There are two key elements to Lamprell’s relations with Saudi Aramco: the IMI joint venture rig fabrication and maintenance yard at the King Salman International Complex for Maritime Industries & Services north of Jubail (Saudi Aramco 40%, Lamprell 20%, Aramco shipping arm Bahri 20% and South Korea’s Hyundai Heavy Industries 20%), and the firm’s Long-Term Agreement (LTA) with Aramco via which it hopes to bag key engineering contracts related to Aramco’s offshore expansion plans. (CONTINUED - 673 WORDS)
