Strategy Overview

Lamprell Strategy 2014

We have carried out a detailed review of the Group's strategy and concluded that for the medium term, we will continue to focus on our existing core businesses namely new build rigs, offshore construction, liftboats, rig refurbishments and land rig services. Our long term goal is to broaden our offering into related markets including topsides and modular LNG and onshore plants and re-entering the FPSO markets where we have already been successful.

Strategy 2014

Text version

The key elements of our strategy are as follows:

Focus on core markets: We will maintain leading market positions in the construction of shallow-water drilling jackup rigs, liftboats, land rigs and rig refurbishment, and develop further our strong and growing reputation for process modules and topsides for use in the energy industry. We will focus on these markets whilst leveraging our proven expertise in project execution to broaden our reach within these sectors.

Productivity and efficiency: We are improving our productivity, driving down costs and looking to shorten our build schedules to enhance our competitiveness. This will be achieved by optimising yard lay-outs, capturing synergies between major projects and organisational alignment, and by adopting practices from the best European and Asian yards.

Continuous improvement: We are creating a culture of continuous improvement including the use of and reporting against key performance indicators and the capture and embedding of lessons learned across repeat projects.

Client satisfaction and business development: Our on-going commitment to customer service and close client relations before, during and after project completion has allowed the Company to benefit from the strong support from our major clients. We are targeting to be the partner of choice for long term clients. We are strengthening our business development capabilities to achieve this.

Leveraging our key strengths: Lamprell has a long-standing reputation for its strong safety track record, high build quality, reliable delivery and a reputation for working collaboratively with our clients. Our facilities are well-located and well-equipped, and we have an experienced management team and skilled and committed workforce in place. Our objective is to build on these strengths to differentiate ourselves against competitors.

Value for money: With the combination of our key strengths and competitive cost structure, we believe we present an attractive proposition to clients, delivering superior value for money.