Lamprell forms a Joint Venture to expand operations in Saudi Arabia
Lamprell forms a Joint Venture to expand operations in Saudi Arabia through the Shoaibi Group and AYTB
‘Lamprell Arabia’to provide comprehensive services to the land rig sector
Lamprell (ticker: LAM), aleading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries in the Middle East, has signed a joint venture agreement with Shoaibi Group, a Saudi industry and energy services provider, and Al Yusr Townsend and Bottum (“AYTB”), a Saudi integrated industrial, technical and logistical services provider, to form Lamprell Arabia Ltd.
The Joint Venture, which will be based in Al Khobar in the oil rich Eastern province of Saudi Arabia, intends to establish a presence for new build fabrication, refurbishment and repair of land drilling rigs in Saudi Arabia, by combining Lamprell’sexpertise in this sector and Shoaibi Group’s strong experience in the Saudi onshore and offshore market and AYTB’s operational support facilities and multi-disciplinary workforce. Lamprell Arabia Ltd. will offer new build fabrication, refurbishment and repair of Saudi land rigs, ancillary fabrication for onshore assets and services on Saudi offshore rigs, with the intention of opening a local workshop in the recently built Shoaibi Group Oil and Gas Park, located in the Industrial Village zone in Dammam, Saudi Arabia.
The Lamprell Group has been in partnership with the two entities for 11 years through the Maritime Industrial Services Arabia Co. Ltd. (“MIS Arabia”) Joint Venture agreement which was established in 2001 to offer fabrication services for pressure vessels, columns and other specialised process equipment.
Shoaibi Group Director, Eng. Khalid SuhaylAl Shoaibi, said: “This is a landmark joint venture for the Shoaibi Group and we are all extremely pleased to enter into this joint venture agreement with Lamprell and AYTB. This joint venture builds on the strengths of the three companies to expand Lamprell’s operations in Saudi Arabia and will further reinforce Shoaibi Group’s market positions across our engineering and contracting services to the Saudi upstream industry. Saudi Arabia has an estimated 98 onshore drilling rigs in place and there is a rising demand for advanced drilling equipment and oilfield services in the upstream market, which justifies Lamprell’s expansion into market at this time.”
Nigel McCue, Chief Executive Officer, Lamprellcommented:“Saudi Arabia presents strong opportunities for Lamprell in the onshore rig market. As we continue to strengthen our core competencies, this agreement builds on the Group’s existing business in the country, furthering our long-term relationships with the two companies and leveragingour expertise in land rig services. We are particularly pleased to be signing this agreement with two prominent entities that are well recognised in the Kingdom, the Shoaibi Group and AYTB, whose knowledge of the Saudi Arabian market will complement Lamprell’s technical expertise in the oil & gas sector.”
AYTB Managing Director, Mr. Amr Bin Halim commented: “AYTB is very enthusiastic about the new joint venture combining the knowledge and expertise of three leading service and fabrication companies. AYTB will contribute to the success of the new JV with a great deal of market knowledge, solid organisation, operational support facilities on the East and West coasts of the Kingdom and, above all, a willing, multi-disciplinary and capable workforce.”
Lamprell, based in the United Arab Emirates, (UAE), and with operations throughout the region, has played a prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years and is the regional market leader in the rig market. Lamprell is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries.
Lamprell employs over 11,300 people (including labour personnel) across multiple facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement) and Kuwait. Combined, the Group’s facilities total over 925,000 m2 with 2.2 km of quayside.
Lamprell is listed on the London Stock Exchange (symbol “LAM”).
For more information please visit: www.lamprell.comor contact:
Corporate Communications Manager, Lamprell
Tel: +9714 8039308, email@example.com
About Shoaibi Group
Headquartered in Al Khobar, Saudi Arabia, Shoaibi Group has been in operation for over 30 years and encompasses a portfolio of global partnerships, agency representations and joint ventures.Shoaibi Group’s reliable and strong market knowledge and expertise in the region has led to the formation of strategic partnerships that cater to the energy and industrial sector across Saudi Arabia. Through its international partners, joint ventures and subsidiaries the Group operates in manufacturing, services, product distribution, and research and development predominately for the oil, gas and petrochemical sector in region.
Shoaibi Group is dedicated to investing in research and technology that will offer oil operators proven game-changing applications for all phases of oil and gas developments.
For more information please visit www.shoaibigroup.com
Corporate Communications Director, Shoaibi Group
+973 17 566 499
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