Lamprell plc Injazat and Lamprell announce joint venture (9288T)
March 30 2021 - 1:00AM
UK Regulatory
TIDMLAM
RNS Number : 9288T
Lamprell plc
30 March 2021
30 March 2021
LAMPRELL PLC
("Company" and with its subsidiaries the "Group")
INJAZAT AND LAMPRELL ANNOUNCE JOINT VENTURE TO ACCELERATE
DIGITALISATION IN THE ENERGY SECTOR
Injazat(*1) the UAE's leader in digital transformation and
Lamprell(*2) , a l eading provider of services to the international
energy sector, have announced the signing of a joint venture (JV)
agreement to create and market innovative digital solutions
focusing predominantly on the renewables and oil & gas
industries.
With the initial funding of US$ 7 million split equally between
the partners and being invested in 2021, the fully incorporated
50-50 JV will be registered inside the award-winning Abu Dhabi
Global Markets financial centre. With directors to be appointed
from both parties, as well as independently, it will serve to bring
to market a number of digital ventures, creating independent
revenue streams.
Christopher McDonald, Chief Executive Officer of the Company
said: "Establishing new markets with strategic partners such as
Injazat and its parent company G42 are fundamental to the evolution
of our Digital business.
"Lamprell's Digital business unit allows us to focus on
monetising our unique experience and knowhow whilst continuing to
improve our traditional businesses through application of emerging
digital technologies.
"We are delighted with the progress that has been made
culminating in today's announcement and the team is looking forward
to taking the JV to the next level."
Ussama Dahabiyeh, Chief Executive Officer of Injazat said: "We
are excited and proud to announce our Joint Venture with Lamprell
which will become a catalyst to transform both of our businesses.
We believe that digital transformation is best achieved through
partnership and co-creation that harnesses the experience and
capabilities of partners to create new value. Lamprell brings a
wealth of knowledge in the domain and we bring our digital
experience, venture building capability and ecosystem."
- Ends -
This JV constitutes a Class 2 transaction pursuant to the UK
Listing Rules. For the purpose of the LR 10.4.1 R (Notification of
class 2 transactions), the value of the gross assets of the joint
venture is US$ 7.0 million and Lamprell shall satisfy the
consideration in respect of the joint venture transaction with cash
from its existing balance sheet. Further, there are no profits
attributable to the assets of the joint venture.
Enquiries:
Lamprell plc
Maria Babkina, Investor Relations +44 (0) 7852 618 046
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Martin Pengelley
Christoph Diesch
Edelman Middle East
Christoph.diesch@edelman.com
+971 56 996 2086
Notes to editors
About Injazat
(*1) Injazat Data Systems LLC (Injazat). Founded in 2005,
Injazat is an industry recognized market leader in the region for
Digital Transformation, Cloud, and Cyber Security. Based in Abu
Dhabi, the Capital of the United Arab Emirates, Injazat draws on
its local expertise and presence combined with several global
technology partnership networks to develop market leading services.
Injazat empowers organizations to optimize their business goals
utilizing cloud and emerging technology solutions, and by
co-creating transformational digital platforms and services through
public-private partnerships (PPP) including Malaffi and Hassantuk
.
For more information visit https://www.injazat.com
Lamprell
The Company, based in the United Arab Emirates ("UAE") and with
over 40 years' experience, is a leading provider of fabrication,
engineering and contracting services to the offshore and onshore
oil & gas and renewable energy industries. The Group has
established leading market positions in the fabrication of
shallow-water drilling jackup rigs, liftboats, land rigs, and rig
refurbishment projects, and it also has an international reputation
for building complex offshore and onshore process modules and fixed
platforms.
The Company employs more than 5,000 people across multiple
facilities, with its primary facilities located in Hamriyah, in the
UAE. Combined, the Group's facilities cover approximately 800,000m2
with over 1.5 km of quayside. In addition, the Group has facilities
in Saudi Arabia (through a joint venture agreement).
(*2) Lamprell Energy Ltd, a wholly-owned subsidiary of Lamprell
plc, is the legal entity entering the JV with Injazat.
Lamprell is listed on the London Stock Exchange (symbol
"LAM").
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