Lamprell eyes offshore wind deal

UAE-based fabricator Lamprell has entered into exclusive negotiations as a preferred supplier with an international client in the offshore wind industry for a very large contract worth more than $150m.

Lamprell said it will now work with the client to confirm the terms of a reservation agreement that will secure capacity in its Hamriyah yard.

Christopher McDonald, CEO of Lamprell, commented: “We have seen a ramp up in bidding activity from Q4 2021 and we are currently in advanced stages of tendering with several potential clients across the globe, driven by the increased demand in both of our end markets of renewables and oil & gas. An emerging trend particularly in renewables sector is the introduction of reservation agreements to secure fabrication yard capacity for projects up to a year in advance. We view these agreements as a very positive sign of forward planning and addressing limited capacity in the industry.”

Further details have not been disclosed as the signing of preferred supplier exclusivity is not a guarantee of the contract. The company will issue a trading update on February 7, 2022.