Lamprell PLC - Hamriyah, United Arab Emirates-based provider of oil field services - On Monday says that it entered exclusive negotiations to become the preferred supplier on a "major" renewable energy contract. The negotiations are with an unnamed, international client in the offshore wind industry.
Says that it is currently confirming the terms of a reservation agreement. These will secure capacity in its Hamriyah yard for the work as negotiations are proceeding towards contract award.
Does not disclose the exact contract value but notes that it defines a "large contract" as having a value in excess of USD150 million.
"We have seen a ramp-up in bidding activity from the fourth quarter of 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," Chief Executive Christopher McDonald says.
Current stock price: 34.45 pence
12-month change: down 48%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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