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Lamprell PLC

Lamprell plc - Directorate Change

RNS Number : 7420L
Lamprell plc
14 September 2021
 

 

 

14 September 2021

 

 

LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")

 

DIRECTORATE CHANGE

 

Board composition evolving in line with Group's "Lamprell reimagined" strategy

 

Lamprell announces the appointment of Motassim Al Maashouq as an independent Non-Executive Director.  Mr Al Maashouq will join Lamprell's Board with effect from today's date.  As previously announced, one of the key components of Lamprell reimagined is the migration of its Oil & Gas business unit to Saudi Arabia.  To this end, Mr Al Maashouq has over 35 years' global experience in the energy sector with a career forged in Saudi Aramco and its international joint ventures. Prior to his retirement from Saudi Aramco in June 2020, he held a number of strategic roles within the Group, including Vice President of New Business Development, Vice President of Corporate Planning and Group Treasurer. He also led the company's preparation for the IPO from 2016. His earlier career highlights include the roles of President and CEO of Petro-Lube in 1999 in Saudi Arabia, and of the Petron Corporation in the Philippines in 2000. 

 

Mr Al Maashouq holds an MA Area Studies, (Economics, Politics and Law) from the University of London's School of Oriental and African Studies.

 

With his extensive experience and expertise in the global energy industry, Saudi Arabia, as well as capital markets, Mr Al Maashouq will complement the capabilities of the current Board in driving Lamprell's strategy forward both in the near and long-term.  The Board composition will continue to evolve in close alignment with the Group's "Lamprell reimagined" strategy, which has structured the business into the Oil & Gas, Renewables and Digital business units.

 

The composition of the Board Committees will be amended in light of this appointment and the Committee structures will be updated on the Company's website, www.lamprell.com.

 

 

John Malcolm, Chairman, Lamprell, said:

 

"I am very pleased to announce that Mr Al Maashouq has agreed to join us as an independent Non-executive Director.  He has extensive experience of debt and equity capital markets and is a highly capable addition to our Board, particularly in light of his knowledge of the Saudi market.  In recent years the centre of gravity for our Oil and Gas business unit has increasingly shifted to Saudi Arabia, and Mr Al Maashouq brings invaluable experience and insight as we continue on this journey. He brings many years of experience in the global energy industry, in both senior management and advisory roles and has shown a keen interest in our renewables and digital strategies. I am very pleased to welcome him on to our Board.

 

"Lamprell's track record in the oil and gas industry enables us to access the opportunities available in the Middle East as we actively seek to transition our Oil and Gas business unit to Saudi Arabia.  Mr Al Maashouq's credentials speak for themselves and his contributions to the Board will be invaluable as we continue to evolve the Board and the business."

 

In accordance with the UK Listing Rules, the Company confirms that there are no further details that are required to be disclosed under paragraph LR 9.6.13 R of the UK Listing Rules in respect of Motassim Al Maashouq other than as follows:

 

 

Current Directorships

•           None

 

Previous Directorships (past 5 years)

•           None

 

 

This announcement contains information in relation to director appointment which is deemed by the Company to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

 

- Ends -

 

 

Enquiries:

 

Lamprell plc

 

Maria Babkina, Investor Relations

+44 (0) 7852 618 046



 


Tulchan Communications, London

+44 (0) 207 353 4200

Martin Robinson


Martin Pengelley


Guy Bates


 

 

 

Notes to editors

Lamprell is a leading provider of services to the international energy sector. Driving strategy and growth through its Renewables, Oil & Gas and Digital business units, underpinned by almost half a century of expertise, the Group has worked hard to establish its reputation for delivering projects safely, on time and to budget.

The Group has firmly established its international credentials in the renewables sector as well as continuing to build on its traditional oil and gas credentials. We are recognised for building complex offshore and onshore process modules and platforms, fabricating and refurbishing jack-up rigs and liftboats.

Lamprell employs more than 4,000 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). Lamprell is listed on the London Stock Exchange (symbol "LAM")."

 

Legal Entity Identifier of the Company: 2138008NUMXRMIEDF538

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