Lamprell plc Memorandum of Understanding signed (9503M)
January 26 2016 - 2:00AM
UK Regulatory
TIDMLAM
RNS Number : 9503M
Lamprell plc
26 January 2016
26 January 2016
LAMPRELL PLC
("Lamprell" or "Company" and with its subsidiaries the
"Group")
Memorandum of Understanding (MOU) signed with Saudi Aramco,
Bahri,
and Hyundai Heavy Industries
Lamprell (ticker: LAM), a leading provider of fabrication,
engineering and contracting services to the energy industry,
announces that Lamprell Energy Limited, its subsidiary, has signed
a MOU with Saudi Aramco (the national oil company of the Kingdom of
Saudi Arabia), the National Shipping Company of Saudi Arabia
(Bahri) and Hyundai Heavy Industries in connection with a potential
partnership collaboration on establishing a Maritime Complex in
Saudi Arabia.
The intended Maritime Complex will provide engineering,
manufacturing and repair services for offshore rigs, commercial
vessels and offshore service vessels. The MOU, which was signed
yesterday, covers joint participation and due diligence on all
activities and work streams required to make a Final Investment
Decision by all participating parties.
Lamprell is pleased to be part of this undertaking and help
assess possible ways through which potential partners can leverage
their know-how and current and future business needs, to actively
pursue such an investment and promote economic development in the
Kingdom of Saudi Arabia, and ensure availability of world class
services to support the growing national and international
portfolio.
The outcome of the agreement to engage in the potential joint
venture partnership will be determined upon finalisation of all
activities and required due diligence. Execution of this MOU may or
may not lead to the participation of Lamprell in such venture and
this process of negotiation may last up to 3 months from the
signing of the MOU, after which time the Company will be in a
position to make a further announcement on its participation.
- Ends -
Enquiries:
Lamprell plc
John Kennedy, Executive
Chairman +971 (0) 4 803 9308
James Moffat, Chief Executive
Officer +971 (0) 4 803 9308
Tony Wright, Chief Financial
Officer +971 (0) 4 803 9308
Natalia Erikssen, Investor
Relations +44 (0) 7885 522989
Tulchan Communications,
London
Martin Pengelley +44 (0) 207353 4200
Martin Robinson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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