Lamprell plans renewables pivot
Listed fabricator targets more offshore wind work after EA1 jacket deal
London-listed fabricator Lamprell is targeting more renewables work as it seeks to diversify from its core oil and gas market.
The company said it has already started diversifying its offering after securing a $225m deal from ScottishPower Renewables to fabricate turbine jackets for the 714MW East Anglia 1 wind farm off the UK east coast.
The contract win followed a "very competitive" process, according to the company.
It has started manufacturing the jackets at its Jebel Ali and Sharjah yards in the UAE. The deal will also see Belfast’s Harland and Wolff tackle assembly of 24 jackets later this year.
Lamprell today reported EBITDA of $30.6m for 2016, compared with $90m in the previous year.