Our strategy is based on our fabrication capabilities where our Middle Eastern geographical location, low cost labour and state of-the-art facilities are fundamental differentiators, and is structured around product lines with the highest potential to grow the business going forward.
Corporate strategy statement
By 2020 Lamprell aims to be a leading global fabrication and EPC service provider of jackup rigs, offshore platforms, onshore modular solutions and FPSO structures consistently delivering safe, high quality, competitive, on time solutions to our customers while providing steady growth and predictable returns for our shareholders. This will be achieved by building on the strong foundations created by our values of Safety, Fiscal Responsibility, Integrity, Personal Accountability and Teamwork, working in combination with a strong balance sheet, our strategic geographical location, state-of-the-art facilities and execution excellence in our projects. We will be differentiated by delivering all of the above at the best value for money.
Focus on enhanced performance
We have achieved execution excellence on all of our recent and ongoing projects. Our facilities are modern and automated, and we have invested in labour training programmes to support our desired growth. Although the global spend has sharply declined, we believe that our strategy has positioned us to emerge from this downturn a stronger, more focussed company. We will continue to play to our strengths, while expanding into markets where our key competencies will enable us to compete effectively. Our bid pipeline is structured to deliver our strategic objectives through broader addressable markets, whether by expansion into complementary business segments or new geographical markets, and through targeting of a diversified client base. We have also taken steps to explore strategic partnerships where appropriate to further strengthen and expand our offering.
Our Business Model
Our business model is structured around a risk-based assessment of opportunities to meet the demand for fabrication, engineering and contracting services in the offshore and onshore oil & gas and renewable energy industries. We looked at our key strengths, our prospects, the markets in which we operate and our competitive advantages and we asked ourselves: what will it take to win in today’s business climate? Following a detailed review, our refined strategy addresses a more diversified market in terms of both product offerings and geography by recognising the current downturn but targeting medium to long-term growth.
Creating long-term value
We are focussing on creating long-term shareholder value by reinforcing our position in the Middle East as a leading fabricator. This has enabled Lamprell to successfully deliver profitable 2015 results in the face of a weak market climate. Our aspiration is to serve a broader market, leveraging our successful project delivery track record, superior safety performance, and reputation for quality workmanship to be a leading global fabrication and EPC service provider delivering complex fabrication projects to world-class standards in multiple markets. We will also use strategic partnerships to achieve our goal, allowing us to expand our geographical market focus and deliver new product offerings, such as FPSO integrated solutions and LNG/Petrochemical modules.
Our competitive advantage
Lamprell safely delivers projects on time, competitively and at best value for money, to clients’ specifications and industry-leading quality standards in a culture of teamwork and accountability. These attributes, which have been developed, reinforced and proven over time, are what differentiates us from our competitors, along with our central geographical location, state-of-the-art facilities and core team of highly skilled and motivated workers who understand and are committed to the Lamprell way of project execution. All of this ensures execution excellence and lower risk for our clients and their business critical projects. At Lamprell, we are people of integrity.