Arising from our experience in both the renewables and oil & gas industries, Lamprell identified the need for innovative digital solutions which have the potential to enhance our business strategy, improve our efficiency and quality, and create further value for our shareholders. In 2018, we started piloting several digital initiatives encompassing robotics, facial recognition and real-time analytics that optimise how we utilise assets and human capital across our business.
With the global pandemic crisis accelerating the drive for improvements in digitalisation, we redoubled our efforts to realise opportunities that we have identified. Our timely focus on digital solutions will also ensure we are capable of not only addressing our clients’ emerging requirements and delivering innovative solutions for the global energy industry but also opening up new revenue streams for the Group.
We are developing proprietary digital products through our strategic partnerships with Injazat/G42 and Akselos. Our core focus includes asset integrity, engineering design, smart non-destructive testing, predictive maintenance and robotics. Our vision is to develop new digital prospects so they can be investable, stand-alone and self-supporting businesses based on limited capital investment. We also plan to continue to implement new digital technologies into our business to reduce our ongoing cost base, improving our overall competitiveness.