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Lamprell is strategically located in the most important oil and gas region in the world. The Group works in relatively low cost environments and the Directors believe that Lamprell has well-established links to the governments of each of the Emirates of Dubai and Sharjah.
Lamprell has its own core skilled and experienced workforce as well as access to additional skilled labour from the local labour supply market. This, in addition to Lamprell's safety focused culture and strong project management skills, ensures customer satisfaction is maximised whilst risks of Lost Time Injuries ("LTIs") are reduced.
Consequently, the Directors believe that Lamprell has established a position of sustainable competitive advantage that is based on its market position and internal strengths. This advantage was gained, initially, by being the first company in the Middle East region to offer jackup rig upgrade and refurbishment services. Lamprell then built upon this advantage by offering a differentiated service in all its activities based on safe working practices and completing projects on time, to specification, on budget and to a high quality.
Lamprell's Directors believe that this competitive advantage is sustainable based on the following strengths:
Track record: Lamprell has a track record that demonstrates that it consistently executes projects safely, on time, to the correct specification and on budget. These key attributes have taken a significant amount of time and effort to develop and they differentiate Lamprell from its competitors;
Reputation: Lamprell has established a good reputation in the oil and gas services sector as a company which delivers on its promises. This reputation, with both customers and suppliers, has been established over the life of Lamprell and is reinforced by the attitudes of, and relationships maintained by, its senior management team. These relationships result in many contracts being awarded to Lamprell on a favourably negotiated basis;
Experience: Lamprell has project experience, particularly in the field of jackup rig upgrade and refurbishment but increasingly with respect to construction for the offshore oil and gas sector and land rig markets, that is greater than that of its regional competitors. In particular, Lamprell has a comprehensive understanding of compliance criteria (including those with particularly stringent conditions, such as Saudi Aramco and Qatar Petroleum) for jackup rigs relocating to the region. This offers a major benefit to drilling contractors bringing assets to the Middle East;
General management: Lamprell has a strong and established management team that adopts proven techniques in the fields of project and risk management. The skills required in providing a quality service have been internally generated over Lamprell's history and would be difficult to develop in the short term by emerging competitors. The senior management team also maintains key relationships with customers and suppliers;
Flexibility: Lamprell's senior management has established a task-oriented management structure and culture that allows the Group to adopt a flexible approach to strategy. This flexibility allowed Lamprell to expand successfully into both the offshore oil and gas construction sector and the land rig market. Most recently, it has enabled Lamprell to enter the new build jackup rig and liftboat market;
Project management, engineering and procurement: Lamprell has knowledgeable and customer-trusted project management teams to manage its projects, as well as two large and experienced engineering offices and a procurement team that all combine to facilitate the timely and efficient execution of projects;
Resource management: Lamprell adopts a proactive approach to resource management. It adopts a long term approach to ensure that its facilities and equipment meet the needs of future business and projects. These skills led to Lamprell's timely expansion into its modern and purpose-built Jebel Ali Facility and will see some rig upgrade and refurbishment activities relocate to the New Hamriyah Facility, from the first quarter of 2009, and the Sattahip Facility, before the end of the current financial year;
Human resource management: Lamprell's management invests significant time to ensure that it communicates its beliefs and values to all Lamprell personnel. It has a proactive attitude to training and supports employees who wish to undertake additional training to improve their work capabilities. The Directors believe that this has resulted in lower rates of staff turnover than are typical in the region and the industry;
Close relationships with sub-contractors: Lamprell's management considers carefully on an ongoing basis the benefits and risks associated with outsourcing some aspects of Lamprell's operations to ensure that, if it sub contracts work to release capacity, it maintains control of the key aspects of projects;
The value chain: Lamprell fully understands the primary and secondary activities, such as production, operations, marketing and sales, procurement, human resource management and management systems, that combine to produce value for the Group and the Company. Lamprell also understands and works hard to maintain the linkages between these activities to ensure that its customers gain the benefit of a full and integrated service; and
Facilities: Lamprell has excellent facilities including fabrication space and deep water quayside berths. These facilities will be enhanced when the New Hamriyah Facility is developed. The Directors believe there is limited additional land and deep water quayside currently available in the Middle East region, which will act as a barrier to entry for any new competitors wishing to enter the market.
