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Lamprell pursues additional Saudi projects to gain 'stronger foothold' in Kingdom
London-listed oil equipment and services firm Lamprell updated investors on its development strategy in Saudia Arabia on Monday.
In addition to International Maritime Industries, the group's joint venture with Saudi Aramco, Bahri and Hyundai Heavy Industries to develop a major maritime yard in the Arabian Gulf, Lamprell revealed it was pursuing other opportunities to gain a "stronger foothold in Saudi Arabia".
Lamprell said that one of its key objectives was to qualify as a contractor to Saudi Aramco on its long-term agreement programme, where contractors undertake offshore engineering, procurement, construction and installation projects for the energy giant.
The UAE-based firm also revealed that it was taking steps to achieve its in-Kingdom total value add commitments, designed to encourage and increase local investment, by developing its capabilities within Saudi Arabia and by partnering with strong local businesses.
Christopher McDonald, Lamprell's chief executive, said,"We are uniquely positioned to build our business in Saudi Arabia with the complementary opportunities of investment in the International Maritime Industries yard and our LTA bid to Saudi Aramco. We are committed to developing our local capabilities and we are looking to realise these opportunities by aligning with strong partners in-Kingdom."
Lamprell also announced that local investment firm Blofeld Investment Management had increased its shareholding in the company to 10.08%.
As of 1400 BST, Lamprell shares had dropped 4.47% to 94p.