Dear Readers,
As we begin 2026, I am pleased to reflect on a strong close to 2025, marked by safe delivery, robust project execution, and continued investment in our people, facilities and capabilities.
Safety remains our top priority, and I am proud of the performance delivered across the business. Our offshore EPCI and rig refurbishment teams continued to achieve important injury-free milestones, while our Onshore EPC division marked six consecutive years without any Days Away From Work Cases. Thanks to the discipline and accountability demonstrated across our operations, I’m very proud that we achieved a Total Recordable Incident Rate of 0.00 throughout 2025, a fantastic achievement for everyone involved.
Our offshore EPCI portfolio continues to progress well, with three projects now nearing completion and four new projects moving into early phases of execution. This transition reflects both the scale of our current workload and the confidence our clients continue to place in Lamprell’s delivery capability.
In offshore wind, we successfully cut first steel on the RWE project, for which we are delivering a total of 184 transition pieces, 92 for each of the Vanguard West and Vanguard East wind farms. The project is progressing well, supported by strong client engagement and a continued focus on safety, quality, and schedule discipline.
I am pleased to see our onshore EPC strategy gaining real traction, with the business continuing to build momentum under the leadership of Massimo De Camillis. During the quarter, the team secured a large engineering, procurement and construction contract from our long-standing client, DPE, for the expansion of the Dubai Supply Authority’s Margham gas storage and processing facility in the UAE. This award will be executed over the next couple of years and is a strong endorsement of Lamprell’s growth strategy and of our Onshore team, which continues to build its capability.
Our rigs division continued to perform well, with new build and multiple rig refurbishment projects. In total, we successfully delivered eight rig refurbishment projects during 2025, with further projects progressing in our yards.
During the quarter, we strengthened our sustainability and quality performance through measurable outcomes, including a significant improvement in our CDP score, reflecting more robust climate governance, transparency, and emissions management. We also maintained compliance with key international quality standards and progressed initiatives that support more responsible delivery as the business continues to grow.
Q4 also saw active engagement with clients worldwide and closer to home at ADIPEC, where our teams connected with industry peers across the energy sector. These interactions remain an important part of building long-term relationships and positioning Lamprell for future work.
Equally important has been our continued focus on people. We launched our Leadership Development Programme last quarter and maintained strong momentum across training, development and wellbeing initiatives. It has also been encouraging to see such high participation in sports, social, health and community activities across our UAE, Saudi Arabia and India teams. These moments of connection play an important role in strengthening our culture and supporting an engaged, resilient workforce.
Looking ahead, 2026 will be a special year as we celebrate Lamprell’s 50th anniversary. We enter this milestone year with a positive outlook, supported by strong execution momentum, clear plans for the year ahead, and the dedication of our people across the business.
To our employees, thank you for your continued hard work, professionalism, and commitment throughout 2025. To our clients and partners, thank you for your trust and collaboration. We look forward to delivering more together in the year ahead.
Warm regards,
Ian Prescott
Chief Executive Officer
Lamprell