Dear Readers,
I am delighted to introduce the 2023 edition of Lamprelltimes, where we will be sharing a recap of the past year. I was honoured to take over the reins as CEO in April, and as I look back, it has been an exceptionally busy year for the company, with many internal and external changes and some big wins, including securing over $1 billion worth of new business.
The COVID-19 pandemic and the years following left many organisations in difficult positions. Many had to rightsize, some closed their doors, and Lamprell was also affected. In October 2022, the company was officially delisted from the London Stock Exchange and taken private by Thunderball Investments, who now own the majority of Lamprell alongside Lamprell Holding Ltd. The owners have entrusted me with the task of taking the business forward, I am very thankful to be given this opportunity and the associated challenges, and I am very excited about this chapter in not only my personal journey but also Lamprell’s.
Since joining the organisation, much activity has taken place, and I have learned an enormous amount about the company and its key stakeholders. I focused on meeting people inside and outside the business during my first two months and making some adjustments to our management team.
I spent time with the owners and Board members to understand their drivers and vision for the company. I visited financial institutions in the UAE and Saudi Arabia to understand their views on Lamprell and future partnership opportunities. I also visited the IMI yard in Al Khobar, Lamprell’s joint venture with Aramco, HHI, and Bahri, to build and develop our relationship further and to discuss future opportunities.
Closer to home and importantly, I met with our employees in and out of the yard and office in our Hamriyah and Dubai facilities. I also met with all of our key current and potential clients, who appreciated the in-person introduction, and I gained valuable knowledge regarding their needs, what they like about Lamprell and where improvements could be made.
A key focus area has been revamping the company strategy as per the new owners’ vision. We held a two-day strategy workshop in June and presented the outcome to the Board, who were very supportive.
Another crucial focus area has been winning new work, and I am delighted to share that we were awarded four new major contracts from key clients, including Aramco and NPCC, which you can read more about in this revamped edition of Lamprelltimes, which has transitioned into an e-newsletter.
Other key achievements this year included the delivery of our 29th new build jackup drilling rig, the commissioning of our renewables serial production line, the first couple of deliveries for our renewables project, Moray West, and our rig refurbishment division enjoying a record year.
I want to take a moment to thank the new owners and the Board of Lamprell for allowing me to lead this fantastic organisation; I am excited about the opportunities ahead as we work together to achieve shared success.
I hope you enjoy this edition of Lamprelltimes, we welcome your feedback, and I look forward to sharing more about Lamprell’s business plans and strategy at the end of Q1 2024. In the meantime, I wish all those celebrating a safe festive season and a Happy New Year.