Page 21 - MEOG Week 03 2021

MEOG NEWS IN BRIEF MEOG

evolved structure will provide the business
with greater focus as we seek to take full
advantage of the many opportunities we see
across our end markets.”
“As the Group emerges from what we hope
is the worst of the Covid-19 pandemic in good
shape, the time is right for us to be positioning
the Group for the next phase of its growth,” he
added.
TRADE ARABIA
Shelf Drilling announces
in flight time, a significant increase from the years, driven by rapid expansion in core
previous four months. Drones accounted for markets and by the commercialisation of contract update
approximately 95% of the violations, UNIFIL floating wind which is expected to provide
said. Israel and Lebanon are technically at war. significant opportunities mid-decade Shelf Drilling, Ltd. announced today that it
Hezbollah, the powerful Lebanese militant onwards,” a Lamprell statement said. has received a notification from customer on
group backed by Iran, is a sworn enemy Lamprell Renewables will also explore early termination of the contracts for the High
of Israel and the two have had a series of opportunities for the Group to collaborate Island VII and Compact Driller jack-up rigs.
confrontations, including a full-scale war in with others so as to increase our execution The contract end date for both rigs has been
2006. Hezbollah’s leader, Hassan Nasrallah, capacity and support the local content updated to August 2021.
in a year-end interview, said Israel’s efforts to objectives of our clients, as well as to move up The original contract end dates for the
curb his group’s ability to acquire precision- the renewables value chain over time. High Island VII and Compact Driller were
guided missiles have failed. He boasted that The digital business encompasses the February 2023 and June 2022, respectively.
Hezbollah now has twice as many such technology and IP development teams that SHELF DRILLING
missiles as it had last year. have successfully implemented a range of
Israel has in recent months expressed technologies in the Group’s yards, such as the Energean to pay dividend
concern that Hezbollah is trying to establish deployment of adaptive robotic welding, facial
production facilities to make precision-guided recognition technology and a proprietary from end 2022
missiles. digital quality management system.
ASSOCIATED PRESS Lamprell Digital will continue to advance Eastern Mediterranean gas group Energean
proprietary technologies for industrial expects to pay its maiden dividend from
application, in areas such as asset integrity, the end of 2022, Chief Executive Mathios
COMPANIES engineering design, smart non-destructive Rigas told Reuters on Thursday, after it gave
testing, predictive maintenance and robotics. the green light to a new Israeli gas field
Lamprell announces Group’s traditional activities in rig fabrication, development.
The oil & gas business comprises the
The Karish North field will be connected
strategic restructure into 3 rig refurbishment, onshore EPC and other via a 5.4 kilometre (3.36 mile) pipeline to
Energean’s 8 billion cubic metre-per-year
services, as well as our planned expansion into
verticals Offshore EPCI under the Saudi Aramco LTA. floating production storage and offloading
(FPSO) unit where the main Karish field is
Central to the Group’s Oil & Gas strategy is
UAE-based Lamprell, a top services provider Lempel’s differentiated positions in the UAE expected to start production by year-end with
to the oil and gas industry, has announced and Saudi Arabia. the bulk of output contracted out already.
a strategic reorganisation of its business to The three business units have different “If 2022 is the (first full) year we start
increase the Group’s focus on renewables priorities and needs, from their distinct producing from Karish, end of 2022 ... is
and the energy transition and enable the customer bases, bidding processes, yard going to be the first time we can start paying
Group to take full advantage of the significant requirements and capital requirements. dividends to our shareholders,” Rigas said,
opportunities in its core markets. This strategic reorganisation will enable the adding the target was to pay a stable dividend
The reorganisation will see the Group split Group to place greater focus on maximising over coming years. This will be underpinned
into three distinct business units: Renewables, the significant opportunities for each of the by at least $1 billion in earnings before
Digital and Oil & Gas, a Lamprell statement three business units. In the context of this interest, taxes and depreciation in 2023, he
said. strategic reorganisation, the Group continues said. Energean also said it had signed an
The Renewables business comprises the to explore how best to finance these business 18-month, $700 million loan facility with J.P.
Group’s existing projects providing wind units going forward. Morgan and Morgan Stanley to help fund the
turbine generator foundation fabrication Christopher McDonald, CEO, Lamprell, new development and pay for the acquisition
services to offshore wind. Renewables said: “In the four years since I joined Lamprell of a minority stake in Energean Israel from
opportunities currently make up $2.5 billion we have been reimagining the business for private equity firm Kerogen.
(about 40%) of the Group’s bid pipeline with the future. Today we set out the shape of Energean, which floated on the London
the increase attributable to US renewables Lamprell as it looks forward, taking its long stock exchange in 2018, also extended its
entering the pipeline. and proud history of providing services to $1.45 billion project finance loan by nine
“We expect to see continued strong growth the energy industry and accelerating its focus months to September 2022. Rigas said there
in renewables opportunities in the coming on renewables and digital technologies. This would be another rejigging of Energean’s

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