Lamprell plc

06/23/2020 | Press release | Distributed by Public on 06/23/2020 07:29

Update on Seagreen contract award

23 June 2020

LAMPRELL PLC('Lamprell' and with its subsidiaries the 'Group')

UPDATE ON SEAGREEN CONTRACT AWARD

Lamprell signs contract for Seagreen wind farm foundations

Following our letter of award announcement of 5 June, Lamprell is pleased to announce that it has now finalised and entered into a fully executed contract with Seaway 7 in respect of the Seagreen offshore wind farm.

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Enquiries:

Lamprell plc

Maria Babkina, Investor Relations

+44 (0) 7852 618 046

Tulchan Communications, London

+44 (0) 207 353 4200

Martin Robinson

Martin Pengelley

Notes to editors

Lamprell, based in the United Arab Emirates ('UAE') and with over 40 years' experience, is a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. The Group has established leading market positions in the fabrication of shallow-water drilling jackup rigs, liftboats, land rigs, and rig refurbishment projects, and it also has an international reputation for building complex offshore and onshore process modules and fixed platforms.

Lamprell employs more than 4,000 people across multiple facilities, with its primary facilities located in Hamriyah, in the UAE. Combined, the Group's facilities cover approximately 800,000m2 with over 1.5 km of quayside. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement).

Lamprell is listed on the London Stock Exchange (symbol 'LAM').

Supplementary notes

To recap, this very large* project will be executed on a lump sum basis with fabrication work expected to comete in H2 2021. The scope of work includes the procurement, fabrication and delivery of 30 wind turbine generator substructures, including the jackets, transition pieces and suction caissions.

The Seagreen offshore windfarm project is a 1,075MW project located 27km off the Angus Coast in the Firth of Forth, off the coast of Scotland and will be developed and operated by Seagreen Wind Energy Limited. Once constructed, the windfarm will be the largest in Scotland and Phase One is forecast to provide low carbon energy for around one million homes.

(*Lamprell defines a very large contract as having a value in excess of USD 150 million)