Lamprell is undertaking a strategic reorganisation of its business to increase its focus on renewables and the energy transition.
Following the strategic reorganisation Lamprell will have three business units, renewables, digital and oil and gas.
Since 2017, Lamprell has fabricated over one hundred foundations for UK offshore wind farms, with serial production for renewables projects becoming a core area of expertise for Lamprell, the company said.
Lamprell Renewables will accelerate the Group’s focus on renewables projects, building on its track record in foundations and expanding Lamprell’s addressable market to “product and market adjacencies” where the group’s skills have high relevance, such as base structures for floating offshore wind, HVDC and HVAC platforms and offshore hydrogen production facilities.
Lamprell Renewables will also explore opportunities for the group to collaborate with others so as to “increase our execution capacity and support the local content objectives of our clients, as well as to move up the renewables value chain over time, consistent with the Group’s strategic focus on EPC(I)”.
Lamprell CEO Christopher McDonald said: “In the four years since I joined Lamprell we have been reimagining the business for the future.
“Today we set out the shape of Lamprell as it looks forward, taking its long and proud history of providing services to the energy industry and accelerating its focus on renewables and digital technologies.
“This evolved structure will provide the business with greater focus as we seek to take full advantage of the many opportunities we see across our end markets.”
Lamprell said it has managed the challenges of the Covid-19 pandemic effectively and delivered a “very strong” operational performance in 2020.
The company stated: “Our positive operational performance, alongside committed cost control and high quality bid pipeline, allowed us to deliver a strong set of financial results in a challenging market environment.
“We expect to demonstrate another year of good revenue growth, with 2020 revenue expected to be $340m (2019: $260.4m).”
As a result the company continues to trade in line with the board’s expectations, Lamprell said, providing a “solid basis” for further progress in 2021.