Lamprell in Negotiations to Secure Contract for Major Renewables Project

Lamprell is pleased to announce that it has entered into exclusive negotiations as preferred supplier with an international client in the offshore wind industry for a very large contract indicating that it is in excess of $150 million. Lamprell will now work with the client to confirm the terms of a reservation agreement that will secure capacity in Lamprell's Hamriyah yard for the work as negotiations proceed towards contract award.

The signing of preferred supplier exclusivity is a significant milestone in the contract process albeit it is not a guarantee of contract. The Group will provide further details of the project in the event of successful conclusion of negotiations.

Christopher McDonald, CEO of Lamprell said: "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."